LIC Rajahmundry eyes Rs 100-crore premium collection

Life Insurance Corporation of India's (LIC) Rajahmundry division, which was adjudged the number one division in the country for its overall performance in 2003-04, is targeting a collection of Rs 100-crore premium for the current fiscal.

N K V Roop Kumar, divisional manager, LIC's Rajahmundry division, told Business Standard that the division was on the 100th grade in the 2002-03 financial year.

"In a span of one year, the division rose to the number one position in the country. Now, our division is surging ahead with a target of collecting Rs 100-crore premium this fiscal," he said.

The new business targets of LIC Rajahmundry division for the current fiscal include sale of 2,75,000 policies for a sum assured of Rs 2,027 crore with the first premium income of Rs 85 crore.

LIC Rajahmundry division sold 1,08,809 policies for a sum assured of Rs 808.02 crore in the first half of the current fiscal, which is 35 per cent of its target. The first premium income stood at Rs 33.96 crore.

Kumar said that the division plans to sell unit-linked policies like Bima Plus and conventional plans such as Komal Jeevan, Jeevan Anand, Jeevan Bharathi, Jeevan Kishore and new Jeevan Shree Plan this fiscal.

"We have been giving top priority for bolstering the entire agents' network and imparting training to them on marketing strategies," he said.

"We have also been giving utmost priority to redressal of customer grievances. The complaints are attended to on a 24-hour basis. All these attributed in notching the number one position in growth rate of policies and sum assured on an all-India basis. We are also in the number two position in budget policies in the country," Roop Kumar added.