Life Insurance Corporation of India (LIC) is aiming at achieving the target of premium collection of Rs 1,000 crore in the fiscal 2008-09 from northern zone against the earning premium income of Rs 657 crore in the financial year of 2007-08. To attain this 35% growth, the corporation is planning to push sales in the rural areas of Punjab. For this LIC will induct 500 ?rural credit agents? from villages shortly to push the revenue figures.
Talking about this new venture, Raghupal Singh, senior divisional manager, Chandigarh division said, ?We will pay stipend to rural credit agents for two years in addition to the commission. In the first year these agents will get Rs 1,500 while in the second year, they will get Rs 1,200. However aspiring candidates will have to clear a test to become an agent with the corporation. Moreover, we are expecting to generate business of Rs 700-crore from rural areas alone in this fiscal. Apart from this we will launch a special drive ?renewal relationship programme? to strengthen the ties with our customers. We have identified 10,000 policy holders from the northern region whom are agents will visit to know there needs and problems?.
The corporation which has strength of 9,000 agents with Chandigarh division which comprises of UT and six districts of Punjab will add 2500-3000 agents within this fiscal.
In another move to push its coffers, the corporation will buy more properties in Punjab. Recently the corporation had bought 9.6 acres of land in Mohali in an auction by shelling out Rs 464.12 crore. The corporation intends to come up with a commercial venture on this site in Mohali. Besides LIC also has a land in Amritsar and is planning to participate in upcoming auction on September 5 of Punjab Urban Development Authority (PUDA) in Ludhiana.
On claims front, the division has settled 136148 claims by paying 340 crore towards maturity claims and settled 5228 death claims amounting to 51 crore during the year 2007-08. During the year 2007-08, LIC as a whole, completed 375.90 lakh new policies with first premium income of Rs 43,812.86 crore with this the total number of inforce policies of LIC crossed the mark of 23 crore in individual insurance. More than 2.21 crore persons were covered during the year 2007-08 under various social security schemes managed by LIC.
To celebrate the completion of 52 years of service on September 1, Raghupal Singh, also inaugurated the week-long insurance week celebrations from September 1-7 in the divisional office premises in Chandigarh.
