Industry

Want more people to have life cover: LIC

Life Insurance Corporation of India (LIC) is looking at increasing the number of policies sold this year so that more number of people have been covered.

LIC Chairman M.R. Kumar told The Hindu here recently that the insurer was looking at selling three crore policies this year.

“This year, I am looking at the number of polices and coverage. People should look at it [insurance] as a primary financial product.” All life insurance firms are together launching a campaign on why life insurance should be a priority. The tagline for the campaign is ‘Sabse Pehle Life Insurance’.

In terms of first-year premium collection, LIC has set a target of ₹56,500 crore for this fiscal and had achieved 50% at the end of September.

It is recruiting about 8,000 development officers who, in turn, will be recruiting agents. LIC has online sales. But people are still comfortable talking to agents. “We have roughly 11 lakh agents and target to have 14 lakh to 15 lakh by the end of this fiscal,” he said. The total outlay for bonus to be paid this year on all products is ₹53,000 crore. LIC will also be doing group cover in a bigger way. Financial products are becoming seamless. “Products will undergo a lot of changes in future,” Mr. Kumar said.

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Printable version | Jul 5, 2020 10:27:13 PM | https://www.thehindu.com/business/Industry/want-more-people-to-have-life-cover-lic/article29932686.ece

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