Hyderabad: LIC's market share stood at 78 per cent in number of policies for the month of October 2019, said a senior official.

T C Suseel Kumar, Managing Director, LIC who was in Hyderabad on Tuesday, while addressing marketing intermediaries of three States of Andhra Pradesh, Telangana and Karnataka, said "LIC gained significant market share in first year premium income during the current financial year which has increased from 66.24 per cent as on March 31, 2019 to 73 per cent at the end of September, 2019."

In spite of falling interest rates, LIC, by virtue of its good performance was able to maintain the Bonus rates and approximately Rs 50,000 Cr Bonus was declared for its policyholders, he added.

Speaking on Insurance awareness, he said that LIC has been playing a crucial role in creating insurance awareness and spreading financial security through life insurance in the country. Towards growth of Indian economy, LIC is playing a supporting role by investing substantial amounts in the infrastructure development of India.