The Visakhapatnam distribution of Life Insurance Corporation of India (LIC) expects a 37 growth in new premium set in the current financial year as compared with last financial.
The division collected Rs 290 crore new premiums in 2007-08 and this year it is aiming for Rs 400 crore. Up to January, it collected Rs 240 crore. “We are convinced of mobilizing another Rs 160 crore during February and March,” D Nageswara Rao, senior divisional manager, LIC Visakhapatnam, told media persons here on Tuesday.
He said, LIC on Tuesday introduced its new ULIP Plan — Wealth Plus in Vizag zone. “We expect the new policy to take Rs 60 crore new premium by the end of March,”
During the last financial year, the Vizag division collected Rs 1,300 crore new premiums and is targeting Rs 1,600 crore this year. Till January, this amount stands at Rs 1,000 crore, he added.
The corporation generates only 3(%) per cent of its total business through another channels, which it aims to make it to 10(%) per cent by 2012.
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