Life Insurance Corporation (LIC) of India is eyeing a premium income of Rs 1,500 crore in the eastern region by March-end, from its newly announced Jeevan Varsha plan, a close-ended and guaranteed -addition money-back scheme.
LIC planned to sell about 20,00000 Jeevan Varsha policies in the region by March, said R R Dash, zonal manager, LIC, eastern region at a press conference in Kolkata on Saturday.
Through its last policy, Jeevan Aastha, LIC had mopped-up about Rs 1,190 crore by selling about 2,50,000 policies in the east.
Till February 12, 2009, LIC had a total premium income of Rs 10,040 crore, against Rs 13,000 crore last fiscal in the region. Its first premium income (FPI) till February 12, was Rs 3,335 crore, against Rs 4,102 crore for the last fiscal.
This fiscal, LIC has set a premium income target of Rs 16,000 crore in the east. As FPI, LIC hopes to garner Rs 5,500 crore by the end of this fiscal from the region.
Jeevan Varsha comes with two policy terms--nine and 12 years, with the premium paying term restricted to only nine years for both. The plan also has provisions for loan, surrender and revival.
