LIC Vizag eyes 30% growth in premia collection

LIFE INSURANCE CORPORATION ON A SOUTH INDIAN BLITZKRIEG

Life Insurance Corporation of India, Visakhapatnam division, is aiming for a 30 per cent growth in its first premium collection during the current financial year. The division comprises three north coastal districts of Srikakulam, Vizianagaram and Visakhapatnam.

Last fiscal, the division earned Rs 356 crore premium by selling 478,000 policies. This year, it is targeting to increase it to Rs 460 crore with 532,000 policies, N Prabhakar Rao, senior divisional manager, LIC (Visakhapatnam division), told reporters here on Monday.

In the present year up to December, the division sold 277,000 polices with a premium collection of Rs 226 crore, as against 200,000 policies with Rs 135 crore premium during the corresponding period last year, he said.

The division has also surpassed its target of Rs 138 crore set for the group insurance business this year. "We have collected Rs 170 crore so far. We expect this to cross Rs 200 crore by the end of March," he said.

The division is planning to appoint financial services executives to increase the retail business through banks and corporate agents to 5 per cent.

At present, it generates just 1.5 per cent of its total business through banks and corporate agents.

About 1,800 new insurance advisers have been recruited in this division during this fiscal and about 1,000 more would be appointed by the end of March.

With this, the Visakhapatnam division's total insurance advisers strength will touch 13,500, he added.