The country’s largest life insurance company, Life Insurance Corporation of India paid a dividend of Rs 1,030 crore to the central government for the financial year 2010-11. Mr T S Vijayan, Chairman, LIC handed over the cheque to Mr Pranab Mukherjee, Union Finance Minister on January 28, in New Delhi, said a press release issued by LIC.

LIC has declared a valuation surplus of Rs 23,478 crore for the financial year ending March 2010. Out of this surplus amount, 5 per cent is given to the government as dividend while the remaining 95 per cent is ploughed back to the policyholders as bonus.