LIC aims 37% growth in first premium income in 2012-13

Life Insurance Corporation (LIC) is expecting a healthy growth of 37 per cent in first premium income to Rs 5500 crore in the eastern region during the current fiscal.

"We are targeting first premium income of Rs 5500 crore during the current fiscal as against Rs 4000 crore in the previous year," LIC Zonal Manager (East) S K Roy said today on the sidelines of 56th year of celebration.

So far the country's largest insurer had earned Rs 1022 crore in first premium till August this year.

Roy said this 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.
He said the share of single premium which was about 65 per cent till last year had come down.

"Now the share of single premium and other traditional product had come down to 50 per cent," he said.

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