LIC aims Rs 7,550 cr first premium income from eastern region

Kolkata: Starting with an initial capital of Rs 5 crore and an asset base of Rs 35220 crore in 1956, LIC has now assets of over Rs 28.45 lakh crore with life fund to the tune of Rs 25,84,484.92 crore.

Life Insurance Corporation (LIC) has set a target of garnering first premium income of Rs 7,550 crore during the 2018-19 fiscal in the eastern region, an official said Saturday. The aim is to grow 20 per cent each year in first premium income, A K Sharma, Regional Manager (marketing), LIC, said here.

During April-August, first premium income of the region was Rs 2,165 crore, almost flat as compared to the corresponding period a year ago.

Till August 31, the group premium income collected from the region was Rs 2,050 crore, he said.

Sharma said that the eastern region was number one in terms of policies sold and number two in case of first premium income.

LIC had started with 168 offices in 1956 and today with over 4826 offices, has 1.11 lakh employees, 11.48 lakh agents and 29 lakh crore policies in force, this was announced at a press conference in Kolkata on Saturday afternoon.

LIC is present in 14 countries abroad through its branch offices, wholly owned subsidiary and joint venture companies. The branches are located at Sri Lanka, Bangladesh, Qatar, UAE, Kuwait, Oman, Nepal, Singapore, Mauritius among others. The total funds for the benefit of the community at large are Rs 27, 36, 762 crore as on march 31, 2018.

During 2017- 18, LIC has registered a growth of 8.12 per cent in the new business in terms of the first year premium.

The total first year premium amounted to Rs 134551.68 crore at the end of march 31, 2018 capturing 69.40 per cent of market share.

LIC has now revamped its portal system with latest technological platforms to enhance digital experience and providing more and more online services.

LIC Mobile App for customers is available on Andriod as well as iOS platforms as has over 800,000 active users. LIC new customer portal has over 100 lakhs registered users.