Mumbai, May 15 The state-run life insurer, Life Insurance Corporation of Republic Of India (LIC) once again bes after to give push to its traditional concern rather than the unit of measurement linked concern in FY09 and have projected a mark of Rs 57,000 crore from new concern insurance premium alone during the current fiscal.

"We have got got trying to set more than push on traditional concern for some clip as we believe covering hazard should be the chief undertaking of an coverage policy . But the clients have shown overpowering penchant for unit-linked business," said, DK Mehrotra, managing director, LIC.

The corporation, which have additional lost marketplace share in FY08, had registered a sum of money fresh insurance premium income of Rs 43,000 crore which includes a sum of Rs 37,600 crore sourced from the unit of measurement linked concern and remainder from the traditional concern during the year.

During the current twelvemonth the corporation programs to sell 4.35 crore of policies and ULIP composition may come up down. " We are targeting to keep a ratio of 75:25 for the ULIP and traditional policies so far the ratio was at 80:20," said Mehrotra. LIC is also put to resuscitate its already launched product, Market Plus, which was phased out earlier.

Total insurance insurance premium for the LIC during FY08 was pegged at Rs 141,000 crore, out of which, Rs 43,000 crore came from new concern premium, Rs 17600 crore came from pension and remainder are from renewals during the year. On societal sector front, LIC's client alkali stand ups at 1.75 crore. The ticket size of the conventional life coverage merchandises for LIC have reduced to Rs 6,000 while for linked concern it have grown to Rs 27,000 during the year. The corporation have sold 1.96 crore linked policies and 1.8 crore of non-linked coverage merchandises during last year.

On the growing presence LIC recorded a compounded growing was 16.86% from 2000, when the sector opened up. However, the corporation have been able to enter 33% on an norm for past four years, said Mehrotra. In fact, the LIC have already filed its application before Insurance and Regulatory Development Authority for the same, said Mehrotra.

Similarly, in footing of figure of policies, the LIC desires to keep the per centum for linked policies at 52%, leaving the balance for unit of measurement linked products.