BackLIC eyes Rs31,000 crore in first-year premiums
LIC chairman S.K. Roy says the corporation will introduce five-seven new insurance products during the fiscal year
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Mumbai: India’s largest, and only state-run, insurer Life Insurance Corporation of India (LIC) is looking to collect at least ₹ 31,000 crore as first-year premiums from insurance product sales in 2015-16, LIC chairman S.K. Roy said on Monday.
He said that the corporation will introduce five to seven new insurance products during the fiscal year.
“We will introduce at least one new product in the unit-linked space, one in the health insurance space and the rest in the traditional insurance space. Our new business premium collection target for the current fiscal is 13% higher than last financial year, “ Roy said in an interview.
In the past few months, Roy said, LIC has taken steps to further advance its technology and processes to make transactions paperless for policyholders.
LIC said it is planning to expand its international operations and will soon form a joint venture to enter the insurance market in Bangladesh.
It is also planning to enhance its Singapore operations to a full-fledged insurance business this financial year, Roy said.
“We have got an in-principle approval from the Bangladesh government to start operations in the country. We will invest about 100 crore taka there to set up a joint venture (JV) insurance firm and should be able to start operations soon," said Roy.
“LIC will hold a 50% stake in the JV, 10% will be held by another firm and the rest 40% will be held by the public. We are currently scouting for the right JV partner for this plan," he added.
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