LIC South Central Zone targets Rs 6,300 crore new premium in FY19

While we collected a new premium of Rs 5,574 crore selling close to 30 lakh new policies in FY18, we aim to sell 36 lakh new policies and collect more than Rs 6,300 crore new premium in FY19.
Image used for representational purpose only. (File photo | Reuters)
Image used for representational purpose only. (File photo | Reuters)

HYDERABAD: The Life Insurance Corporation of India’s (LIC) South Central Zone is aiming to sell 36 lakh new policies and achieve new premium of Rs 6,300 crore for the financial year (FY) 2018-19, targeting a growth rate of more than 13 per cent.“We have been growing at more than 10 per cent Year-on-Year and in FY19, we aim to achieve an even higher growth rate.

While we collected a new premium of Rs 5,574 crore selling close to 30 lakh new policies in FY18, we aim to sell 36 lakh new policies and collect more than Rs 6,300 crore new premium in FY19. We are confident of achieving our targets, as we have already sold 10 lakh new policies and collected a premium of `1,500 crore by mid-August,” said TC Suseel Kumar, zonal manager, LIC South Central Zone.  

LIC’s South Central Zone comprises of the states Karnataka, Andhra Pradesh and Telangana. In terms of group insurance policies, the zone is already close to crossing one crore policies even before completion of five months in the current fiscal.“We have insured 27.90 lakh members through Telangana government’s Rythu  Bandhu Scheme, which provides insurance cover to farmers.

We have also insured another 37 lakh through a micro-lending agency in Karnataka. As a result, while we kept a target of crossing 95 lakh new policies in FY19, we are already close to crossing that figure in group insurance segment. In fact, in case of Rythu Bandhu scheme, we are processing the claims within two to three days, while initially we kept a target of clearing in 10 days,” Kumar explained. 

As LIC celebrates its 62nd anniversary on Saturday, its South Central Zone is confident of crossing a total premium income of Rs 60,000 crore, registering close to 20 per cent growth from the Rs 50,000 crore total premium income it collected in FY18.

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