The Hindu Business Line : LIC to launch 2 new products next month

LIFE Insurance Corporation plans to introduce two new products in September on the occasion of its golden jubilee, said Mr K. Sridhar, Managing Director.

He was speaking here on Tuesday after inaugurating the new building of the LIC Rajahmundry division, christened Jeevan Godavari.

He said LIC had set a target of issuing 3.37 crore new policies during the current financial year in addition to the existing 16.70 crore policies.

With the entry of private companies, of course, the sector had become more competitive but the LIC was able to hold its own.

"We have a large network of branches and 60 per cent of our business comes from the rural divisions such as Rajahmundry. The urban divisions account for the rest. Our aim is to offer quality service to the policy-holders, rural as well as urban," he said.

He said there were not many pending claims and the pendency percentage was less than one.

He said that till now 2,040 of the LIC branches had been computerised and the process of technological upgradation would continue.

In response to a question whether the LIC was contemplating IPO, Mr Sridhar said no decision had been taken on the matter.

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