Public sector insurance giant Life Insurance Corporation (LIC) is growing by almost 125 per cent in Uttar Pradesh and Uttarakhand in the current finacial year.
The growth pertains to the First Premium Income (FPI) in LIC’s North Central Zone (NCZ) comprising the two states during April-August 2010.
“Besides, the growth in new insurance policies during the period has been a healthy 11.62 per cent,” LIC, Senior Divisional Manager (Lucknow), Kamal Kumar told Business Standard here.
The Zone has a target of Rs 6,200 crore of FPI during 2010-11, of which Rs 2,576 crore had already been achieved so far.
Of the total premium collection, 30-35 per cent is normally accounted for by new policies.
Last financial year, the Zone had posted a total business of Rs 4,935 crore across its 12 divisions in UP and Uttarakhand. LIC has 108 zones and 108 divisions in the country.
LIC is celebrating its 54th anniversary at a time, when it has a network of over 2,000 offices and 1.4 million agents.
Pan-India, the company has a market share of over 71 per cent in FPI and policies. During the current financial year, it has already sold 10 million new policies.
The total premium income for 2009-10 was about Rs 185,000 crore and Gross Total Income was Rs 300,000 crore. It also settled 21 million claims amounting to Rs 54,000 crore.
Meanwhile, LIC has launched a new policy Pension Plus, which is a unit linked deferred plan to provide the customer a minimum guarantee on the gross premiums paid.
The plan is without any life cover during the deferment term. The customer has a choice of investing the premiums in one of two types of investment funds available. The minimum single premium that can be paid is Rs 30,000, while there is no upper limit.
