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IDBI Bank, through its branches, has brought in a premium of ₹230 crore for Life Insurance Corporation (LIC) of India between April and August this year.
For 2019-20, IDBI Bank has a target of ₹2,000 crore of premium for LIC, said C Vikas Rao, Zonal Manager, Western Zonal Office, LIC.
“IDBI Bank had, in 2018-19, fetched ₹139 crore premium for LIC, although this was only in the month of March when the acquisition was completed,” he told reporters on Tuesday.
LIC has a majority stake in IDBI Bank, and the two have entered a Service Level Agreement to offer LIC’s insurance products through IDBI Bank’s branches.
Meanwhile, Rao also said the state-run life insurance company is looking to increase its market share and that it would launch two ULIP products.
“We are focussing on individual and non-single portfolios. We will be coming out with two ULIP products,” he told reporters, adding that these are in the final stages of approval by the IRDAI.
The insurer also plans to increase its online presence for sales and distribution, and is likely to tie up with web aggregators.
LIC’s assets have grown to over ₹31.11-lakh crore, helped to a large extent by 32 plans under individual business. “Starting with an initial capital of ₹5 crore in 1956, LIC has assets of over ₹31,11,847.28 crore, with life fund to the tune of ₹28,28,320.12 crore,” said LIC.
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