Country?s largest life insurer, Life Insurance Corporation of India (LIC), is looking at increasing its income from bancassurance channels to 9% in the current fiscal, from the existing 3%.
?Our premium income through bancassurance channel is currently at Rs 1130 crore, which comprises 3% of company?s total premium income. However, we are planning to increase it to Rs 5,000 crore by the end of the fiscal. In case it happened, then the bancassurance channel?s share in our total premium income will increase to 8-9% by the fiscal-end,? said AK Sahoo, executive director & head, bancassurance and alternate channels, LIC.
Currently, LIC has got bancassurance tie-up with nine public sector banks, three private sector banks and 40 regional rural banks.
Now, the corporation is looking at more tie-ups with four to five public sector banks (PSBs), which have not ventured into manufacturing of life insurance products so far, said Sahoo.
Similarly, LIC is also looking at 42 other banks for such tie-ups. The market share of LIC among various life insurers in the country in terms of the first year?s premium income has gone up by 9% to 74%, as against 65% in March.
LIC plans to cross Rs 54,000 -crore mark in individual premium income by the fiscal-end, as against Rs 23,000 crore as of now, said Sahoo.
In group health insurance, the company had projected to achieve Rs 18,000 crore of premium by fiscal-end. ?We have already achieved the milestone Rs 18,000 crore,?? said Sahoo.