The Hindu Business Line : LIC aims to sell 1 cr Bima Gold policies

LIFE Insurance Corporation has set a target of selling one crore policies of Bima Gold, its special golden jubilee product that was launched last week, its Chairman, Mr A.K. Shukla, told newspersons.

Bima Gold, a money-back plan with flexible premium payment options, also offers an auto cover feature, which ensures that the policy will not lapse even if the premiums are not paid for two years.

Mr Shukla said he hoped this policy would cover many people from the rural areas since the minimum sum assured is only Rs 40,000. LIC also plans to introduce two or three more products by the end of the year, he added.

LIC will set up 29 `Satellite Sampark' offices across the country this year to allow customers to deposit premium, know the status of their policy and get information about other products.

In terms of new business premium growth, the company has set a growth target of 30 per cent.

"Until the end of July, the growth was negative. However, with new products like Bima Gold we hope to achieve 25 per cent growth by September. In terms of premium income, we have set a target of Rs 1,00,000 crore for this fiscal," Mr Shukla added.

With respect to fringe benefit tax on superannuation schemes, Mr Shukla said LIC had suggested the reworking of compensation packages as well as reducing the contributions as per the net tax to its corporate customers.

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