India's largest life insurer, Life Insurance Corporation of India (LIC), has crossed the mark of one crore individual policies in the current financial year.
The insurer also collected first premium income of Rs 15,917 crore in the fortnight ended August 14, 2010.
In the previous year, LIC had crossed this landmark on August 31, 2009.
Among the largest contributors to this stupendous performance are LIC's western zone with more than 15.86-lakh policies, south central zone with 15.46-lakh policies, northern zone with 15.04 lakh policies, north central zone with 13.54-lakh policies, south zone with 12.78-lakh policies and eastern zone with 12.29-lakh policies, a press release issued here said.
East central zone with 9.52-lakh policies and central zone with 5.98-lakh policies also made valuable contributions, the release said.
During the previous financial year, LIC had completed a record 3.88-crore individual policies, with a market share of 73.02 per cent.
LIC's performance in the current financial year has been record-breaking so far and as on July 31, it has increased its market share in first year premium to 71.33 per cent as against 64.86 per cent as on March 31.
Besides having the largest customer base of about 27-crore policies, it has an enviable conservation ratio of more than 90 per cent which is a testimony of customers' trust in the organisation and its high-quality customer service, the release said.
Currently, it provides fully computerised and networked service through its 2,048 branch offices and 1,035 satellite offices spread throughout the country.