LIC-Vizag eyes 25% increase in premium

The Visakhapatnam division of Life Insurance Corporation of of India (LIC) is targeting a 25 per cent increase in premium collection to Rs 2,500 crore during the current financial year. The division comprises three coastal districts of Visakhapatnam, Srikakulam and Vizianagaram.

“During last fiscal we collected Rs 2,000 as total premium, of which new premium stood at Rs 292 crore. This year we are targeting Rs 2,500 crore, of which new premium would be Rs 380 crore, excluding group insurance policies,” D Nageswara Rao, senior divisional manager - Vizag, LIC, told mediapersons here on Tuesday.

The division sold 126,000 insurance policies and collected Rs 98 crore as new premium as on August 31, 2009. It expects to sell 460,000 policies during this fiscal as against 400,000 during the preceding year.

 

The division has 15,000 insurance advisers and plans to add another 2,000, apart from introducing a direct marketing wing at Vizag. It currently has 20 branches and six satellite offices across the three districts and would add two more satellite offices, he said.

“From September 2, LIC is introducing a new micro insurance policy called ‘Jeevan Mangal’. We are aiming to sell 50,000 policies under this,” he said.