Skip to main content

LIC targeting a premium income of Rs. 5000 in the current fiscal

Description  :  Corporate
Date  :  Aug-19-2010

According to the reports given by one of the top officials of Life Insurance Corporation of India, it has been made clear that the company is eyeing a premium income of Rs 5,000 crore this fiscal, and that too through alternative distribution channels, which is around four-fold increase to the premium income of Rs 1,140 crore which was achieved by the company through alternative channels last fiscal.

When the bancassurance, brokers and corporate agents are used to sell insurance products, it is known as the alternative distribution channels. As of now, the alternative channels are contributing an insignificant share to the overall annual premium collections of LIC. According to Mr A.K.Sahoo, Executive Director (Marketing-Bancassurance and Alternative Channels) LIC, it was told, "We are now looking to expand the alternative channel of distribution and add more partners. We want to develop this as an area of strength for us."

According to Mr Batra, it has been told that, "We intend to do volume of fresh life insurance premium of Rs 500 crore with LIC within the next three financial years, including this financial year. We are looking to deploy a workforce of 700 in the next seven months who will specifically focus on taking LIC products into smaller towns ."

As of now LIC has 39 banks as bancassurance partners, which includes nine nationalised banks. In addition the company has 510 corporate agents and 125 insurance brokers. Talking about the LIC's market share, the company has a premium income which is 73.43 per cent in the first quarter this fiscal, which is slightly over eight percentage point increase over the market share level of 64.86 per cent in end March 2010, Mr Sahoo said.

Comments

Popular posts from this blog

Biotech Regulatory Authority bill a huge Step for Future Market Development: Environment Minister

Biotech Regulatory Authority bill a huge Step for Future Market Development: Environment Minister Description  :  Industry Date  :  Aug-19-2010 The Biotechnology Regulatory Authority bill, scheduled to be introduced in Parliament imminently, will not open the floodgates to genetically modified (GM) food. Environment Minister Jairam Ramesh said, "I believe that when the Bill will be introduced, it will address the concerns that have been expressed by the civil society groups that it will open floodgates for all GM foods. Nothing like it". He further added, "It's just exaggerated notion of non-reading of the Bill. Once it is presented in Parliament, we all will see that the integrity of environmental assessment process has been maintained" The Bill seeks to create a new body to regulate research, manufacture, import and use of products of modern biotechnology. The need for a biotech regulator was highlighted during the recent controversy over introduction ...

RBI gives Infrastructure Finance Company status to PTC India Financial Services Limited (PFS) a subs

RBI gives Infrastructure Finance Company status to PTC India Financial Services Limited (PFS) a subs Category  :  Corporate News Date  :  Aug-24-2010 09:52 PTC India Ltd has informed regarding a Press Release titled RBI gives Infrastructure Finance Company status to PTC India Financial Services Limited (PFS) a subsidiary of PTC

Fixed Assets Management

Fixed Assets Management - Capital Budgeting Decisions Fixed assets are like the properties, infrastructure facilities that are required by the business operations to complete successfully. A finance executive has to evaluate and decide on which fixed assets the company should invest so that company can perform all its current and proposed future functions. There are various techniques that are available and that can be used by the finance department to evaluate various proposals for the investments like - pay back period, Net Present Value, internal rate of interest, profitability index. Once the economic value of those fixed assets gets over than a proper depreciation policy should also be formulated.