LIC targets Rs 11,500 crore premium income
By Our Corporate Bureau | 03 Jul 2004
In 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.
LIC 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.
Both
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
Company.
