LIC's new product to target Punjab farmers

The Life Insurance Corporation of India has decided to concentrate on the interiors of Punjab to market its golden jubilee product 'New Bima Gold', which will be rolled out today.

Talking to the media, Senior Divisional Manager (Chandigarh Division) Mahinder Kumar said farmers in the region were in debt and they required the social security cover. The new policy will secure them a security cover at a premium of Rs 150-300 per month. The sum assured in this case will be Rs 50,000-100,000.

"If a farmer pays the premium regularly for two years he can save the risk cover even if he is unable to pay the premium further, due to some unforeseen exigencies like crop failure," said Kumar.

He added LIC had a strong network in the rural areas and private players generally did not want to access rural markets. So it was a virgin market for them.

"We are thriving on volumes and by reaching out to potential markets in rural Punjab our customer base would further expand," he added.

According to Kumar, Chandigarh was number one among the 100 divisions of LIC in India and it completed the annual target of Rs 410 crore in the first quarter.