The Hindu Business Line : LIC products sales through banks likely to cross Rs 800 cr

CHENNAI: Life insurance major LIC expects sales of its products through banks to cross Rs 800 crore by March 2006, its Managing Director K Sridhar said on Monday.

In the current fiscal, LIC has already sold products worth Rs 100 crore, he told reporters here.

The corporation had signed MoUs with 34 banks in the country to sell its products, he said.

LIC had achieved a 17 per cent growth in business in the seven months of the current fiscal, by insuring one crore lives against the target of three crore for the fiscal.

First premium collections also registered a 63 per cent growth, netting Rs 6,600 crore.

In the group pension insurance sector, LIC had got 40 lakh new policies. This would go up if its pension scheme was received well in the unorganised sector, which has a lot of potential, he said.

LIC's southern zonal manager G Prabhakara said the region reported new premium income of Rs 240 crore till October 31 last, registering a 48.40 per cent growth.

Mr Sridhar earlier launched the LIC's new plan 'Bima Bachat'. Bima Bachat is a single premium plan with moneyback option. The plan can be availed by individuals in the 15-66 age group. Fifteen per cent of the assured sum would be paid at the end of the third, sixth, ninth and 12th years, depending on the term of th e policy. The minimum sum assured is Rs 20,000, Mr Sridhar said. - PTI

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