LIC is aiming to achieve a growth of 37% in its first year premium income at Rs 5,500 crores from the eastern region in 2012-13. During FY’12 LIC’s first premium income from eastern zone stood at Rs 4,000 crores. Till August this year it earned Rs 1,022 crores as first year premium income.
Company aims to sell over 56 lakh policies in current fiscal through eastern zone compared to 48 lakh policies in FY’12. Eastern zone of LIC is eyeing 10% growth in premium income in current fiscal at Rs 11,000 crores as against Rs 10,000 crores in FY’12.
And on the other hand, LIC is expecting 40% growth in premium income from Visakhapatnam division in current fiscal at Rs 355 crores. During FY’12 LIC’s premium collection from this division stood at Rs 258.59 crores. LIC’s Visakhapatnam division is expecting to sell 470,000 policies in current fiscal as against 375,000 policies in last fiscal, a growth of 25%. So far, division has collected Rs 82.16 crores premium this year by selling 136,000 policies.
At present, Visakhapatnam division has 11,185 agents and by the end of current fiscal it will add another 3,200 agents. 60% of its branches are located in rural areas and they account for 70% of its business.
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