LIC's market share in 1st year premium income increases to 73% in H1 FY20
Kolkata: LIC's Managing Director, T C Suseel Kumar informed that LIC's all India market share in First Year Premium income increased from 66.24 per cent as on March 31, 2019 to 73 per cent at the end of September 30, 2019.
The market share of the public sector insurer stood at 78 per cent for the month of October, 2019. LIC's eastern zone, which comprises of the states of West Bengal, Assam, Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura, has traditionally been selling the highest number of life insurance policies among all zones of LIC. He was addressing the divisional managers of LIC's eastern region.
With LIC's efforts towards deeper financial inclusion, the life insurance coverage in eastern part of India has been higher than the national average. In the month of November, the new life insurance policies sold in these eastern states of India doubled as compared to November last year.
The first year premium collected by LIC from West Bengal and North-East India crossed Rs.4500 crore; the first year premium from Kolkata and Kolkata Suburban alone crossed Rs.1500 crore during the current year. LIC has been playing a crucial role in creating insurance awareness and spreading financial security through life insurance in West Bengal and North-East India. It also plays an important role in generating employment.
During the current year, LIC has created new employment for 8,834 people through agency profession. The total number of people engaged in agency profession in Eastern Zone is over 1.51 lakh and 88 per cent of these are active in spreading the cover of life insurance.