Monday, November 29, 1999

LIC to begin Singapore operations soon: MD

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Coimbatore, June 17 (PTI) Insurance major LIC would start its Singapore operations soon, a top official said here today. Though Singapore has imposed some regulatory restrictions on LIC to start its operations there last week, these would be cleared in the shortest possible time and the operations will start soon, LIC managing director AK Dasgupta told reporters here. When asked about the time frame, he said, "it will be soon and will not take a year." He said it is too premature to react on the impact on exempt-exempt-tax of the Direct Tax Code. However, there would be some likely impact on Ulips, he added. On the shrinking market share of LIC year on year, he said it is calculated on the total assets of a company, where LIC has a total asset of Rs 12 lakh crore, which had grown from Rs 8.5 lakh crore last year. Stating that the Corporation had settled claims worth Rs 53,000 crore last fiscal, Dasgupta said through Bancassurance channel, LIC is aiming to increase its income by 3-5 per cent this fiscal. He was here to sign an agreement with Lakshmi Vilas Bank for Bancassurance services.

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