The Life Insurance Corporation of India (LIC) is targeting
a premium income of Rs 11,565 crore during the current
financial year, from the sale of three crore and ten lakh
policies, according to S.B.Mathur, chairman, LIC.
the current fiscal, for the period up to June 15, 2004,
the insurer has already raked in a first premium income
of Rs 821.27 crore from the sale of 25.06 lakh policies
for a sum assured of Rs 17,660.23 crore, he disclosed,
speaking on the occasion of a bancassurance tie-up with
Allahabad Bank here on Thursday.
officials said that the insurer had recorded a growth
of over 52 per cent in first premium income during this
period, on a year-on-year basis, while the growth in sale
of policies had been 27.64 per cent and growth in sum-assured
was 31.33 per cent.
the insurer and the bank signed a memorandum of understanding,
according to which, the latter will market LIC's insurance
products through its branch network, acting as its corporate
agent. Allahabad bank has a network of 1,900 branches
catering to around 20 million customers.
Addressing a press conference here on Thursday, O.N. Singh,
Chairman, Allahabad Bank, said, the bank expected to earn
a fee-based income of Rs 20-25 crore through this arrangement,
during this fiscal. "We are looking to mobilise a
premium income of Rs 100
crore in this year alone," he said. To become a corporate
agent for LIC, Allahabad Bank had to get out of a referral
arrangement it had with ICICI Prudential Life Insurance