Life Insurance Corporation (LIC) to surpass first premium business target : KOLKATA: Life Insurance Corporation (LIC) is expecting Rs 6,575 crore first premium business in the current fiscal (2010-11) from Rs 5,262 crore it achieved last fiscal from its eastern region operations. The budgeted growth target of the first premium business was 25%, but the company is hopeful it would surpass that target.
"We have a budgeted target of growing 25% over last fiscal, but now we feel we will surpass that target and touch 30% growth," R R Dash, zonal manager of the company said at.
He said single premium policies constitute 60% of the total premium income compared to the traditional products. Of the targetted amount it has already garnered Rs 4,100 crore.
It has launched two new non-linked insurance products on Wednesday Bima Account I and Bima Account II. It expects to mop up Rs 1,000 crore from these two products in the remaining two months February and March in the current fiscal.
It had launched two other products Pension Plus and Endowment Plus in September 2010, from which it had done a business of Rs 100 crore and Rs 700 crore respectively till date, K S Nagnyal, regional manager (marketing) said.
About the company's plans to construct a 22-storied commercial building on the Eastern Metropolitan Bypass in the city, its chief engineer Amitabha Chakraborti said: "We have appointed Burt Hill as the architect and they have submitted the plan to the Kolkata Municipal Corporation (KMC) a month ago."
LIC purchased 5-acres for the building for Rs 270 crore and the construction cost of it would be around Rs 300 crore, he said.
"The total commercial area, which could be given out for rent will be 55,000 square metres and the building would take three years to be completed from the day construction work begins," Chakraborti said.
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