LIC eyes Rs 5,000 crore from current financial year

LIC had 100% growth till August said Zonal manager of LIC K S Nagnyal

Life Insurance Corporation (LIC) is targeting to garner Rs 5,000 crore as first premium income from the eastern parts of the country during the current financial year.

Till August of the current financial year, first premium income collected was Rs 1,939 crore compared with Rs 970 crore collected in the previous similar period.

"We had 100 per cent growth till August. For the full financial year, the target is to collect Rs 5,000 crore," Zonal Manager of LIC (eastern zone) K S Nagnyal told reporters here on Thursday.

In the last financial, total premium income (new plus renewal premium) collected was Rs 29,684 crore.

Till August, total premium income collected was Rs 8,848 crore. The target is to collect Rs 30,000 crore for the full financial year, he said.

Regarding pension and group schemes, he said LIC has been able to collect Rs 2,616 crore till August.

He said LIC eastern zone would recruit 40,000 new agents during the current financial year, thus taking the number to more than 1.26 lakh.

In the last financial year, the eastern zone settled maturity claims of Rs 8,053 crore and death claims of Rs 993 crore.