Life Insurance Corporation of India (LIC) aims to sell about 52.50 lakh new insurance policies this year in the eastern region.
It aims to garner Rs 5,500 crore as first premium income this fiscal from the region.
Speaking at a press conference in Kolkata on Monday, R R Dash, zonal manager, LIC said, about 347 class III employees (clerical level) would be recruited and about 45 satellite offices would be opened in the eastern region this fiscal.
Also, about 474 development officers will be recruited in the region.
In addition, there would be a 30 per cent increase in the number agents selling LIC policies in the region.
At present, the number of LIC agents in the east is close to 1.48 lakh.
In view of the overall slowdown in the insurance business, between April 30 and August 15, 2008, there was a 27 per cent decline in the sale of new policies as well and first premium income compared to the same period last year, for LIC in the eastern region.
However, between August 15-30, 2008, the there was a 53 per cent growth in the sale of new policies and 44 rise in the first premium income.
In consequence, for the period April-August 30, 2008, the slowdown in sale of new policies as well as premium income was relatively lesser at 20 per cent compared to the same period last year.
"We added new agents to strengthen the distribution network, which resulted in the increase in business for the fortnight ending August 30," said Dash, adding, "We are trying to balance our portfolio through a combination of Ulips (unit linked insurance policy) and conventional products."
Last fiscal, nearly 16.55 lakh claims were settled in the eastern region, and claims of Rs 3,222 crore were settled on account of policy maturity and survival.
For death claims, the amount was Rs 398.79 crore.
