LIC expects healthy growth of 37% in first premium income during FY13

KOLKATA: Public insurer Life Insurance Corporation (LIC) is looking forward for a positive growth of 37 per cent in first premium income to Rs 5,500 crore in the eastern region during the current financial year.

On the sidelines of 56th year of celebration, LIC Zonal Manager (East) SK Roy said, “We are targeting first premium income of Rs 5,500 crore during the current fiscal as against Rs 4,000 crore in the previous year.”

Till now, the country's largest insurer had earned Rs 1,022 crore in first premium till August this year.

In the current year, the total premium income growth was expected to be around 10 per cent to Rs 11,000 crore as against Rs 10,000 crore achieved last fiscal.

“Now the share of single premium and other traditional product had come down to 50%,” he added.

Meanwhile, eastern region emerged in the top position in selling single premium product Jeevan Vaibhav in the country with 25 per cent share of the total policies sold so far.