new delhi undeterred by the contraction in the insurance industry in recent months the stateowned life insurance corporation lic is targeting a business of over rs 300000 crore by 201112 our premium growth over the period has been over 20 per cent each this year we are targeting rs 175000 crore total premium at 20 per cent means in three years time it will increase to rs 300000 crore lic chairman t s vijayan said anything more rs 300000 crore after three years would be bonus for us he said with the 175000 crore total premium by the end of current fiscal the life insurance giant is looking at the market share of about 75 per cent talking about new business target for the current fiscal vijayan said the insurer expect to earn first year premium of rs 57000 crore even when the private sector insurers are uncertain about meeting the targets due to economic slowdown i would still believe that we should get rs 57000 crore lic is not in a habit of revising target in the midway he said vijayan said in the first quarter our market share went down to 49 per cent then brought some new products we have taken corrective steps for it i think we will be able to get that so going forward we are looking at 60 per cent last year lic collected first premium of rs 43800 crore and commanded a market share of 63 per cent however the market share of lic declined to 55 per cent in november 2008 with first premium collection at rs 2522062 crore on decline in the market share vijayan said ulips had overtaken all other policies till march 2008 when we analysed the portfolio in the month of march we thought that this is not the right way of selling insurance in a country like india so for the first three months lic did not bring replacement product he said adding that on top of it the company withdrew some product in march without introducing replacements in the market that had created a big vacuum the absence of the product in the right market he said may be it was conscious decision it was felt that topline would go up but what we are sacrificing is something else we wanted to push other things he added