September 26, 2020 10:20 (IST)
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LIC may achieve target of selling 2.50 cr policies during FY 19-20

LIC may achieve target of selling 2.50 cr policies during FY 19-20

India Blooms News Service | @indiablooms | 24 Jan 2020, 12:06 pm

Chandigarh/UNI:  Country's oldest and leading life insurance company, Life Insurance of India (LIC) is quite hopeful to achieve target of selling 2.50 crore policies during the current financial year, has already sold nearly 2.14 cr policies in first three quarters ending December 31, 2019.

Sharing the information with media during sidelines of the company's function here on Thursday evening Mukesh Kumar Gupta, Managing Director of the LIC said "We have already achieved over 85 per cent of the target with collection of over 55,000 cr First Premium Income (FPI) and quite hopeful of touching 2.50 cr policies mark by end of current fiscal."

He said LIC is selling over two crore policies consecutively for the last three years and thus maintained over 18 per cent growth trajectory Year Over Year (Y-O-Y) basis and similarly the FPI at nearly 14 per cent. The company is currently serving to over 30 crore policies with nearly 24 crore clients and during the current FY it settled 1.29 cr number of claims amounting to Rs 67,877.40 crore. The NEFT Mandates are being collected in advance so that claims can be settled on due date, he added.

Answering a question, Mr Gupta said despite the presence of private insurance players, LIC moves on commanding the sector with a market share of 66 per cent as on March 31, 2019 and that has even gone over 70 per cent on December 31, 2019, as the people have continued to repose their trust in it, he shared.

He told that the company added nearly 1.15 lac new agent during the current FY and with that total number of agents have gone over 12 lakh thus strengthening its presence in every nook and corner of the country.

Anup Kumar, Zonal Manager and other senior officials of the company were also present in the occasion.