LIC- Vizag eyes 40% rise in premium collection

The Visakhapatnam division of Life Insurance Corporation is aiming for a growth of 25 per cent in policies and around 40 per cent in premium collection during this fiscal.

LIC expects to sell 470,000 policies by collecting Rs 355 crore during the current fiscal, as against 375,000 policies (Rs 258.59 crore) in the previous year, D Tandi, senior divisional manager, Vizag division, told mediapersons here.

So far, the division has collected Rs 82.16 crore premium this year by selling 136,000 policies. “On the eve of the 56th anniversary of LIC, the company had introduced a new policy — Jeevan Deep — for the benefit of common man. We are aiming to sell at least 50,000 Jeevan Deep policies by the end of this fiscal in the Vizag division,” he said. The division has 11,185 agents at present and by end of this fiscal, it would add another 3,200, he said.

To enhance the revenues, LIC is putting thrust on health and group insurance and bank assurance policies. “Also, as 60 per cent of our branches are located in rural areas, we are concentrating on these areas, which account for more than 70 per cent of our business,” he said.