Life Insurance Corporation of India (LIC) is looking to collect at least Rs.31,000 crore as first year premiums from insurance product sales in 2015-16. Not only this it is also planning to introduce five to seven new insurance products during the fiscal year according to LIC chairman S. K. Roy.
“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 reported.
With the soaring aim, LIC has taken steps to further advance its technology and processes to make transactions paperless for policyholders. It is also looking forward to expand its international operations and will soon form a joint venture to enter the insurance market in Bangladesh along with its Singapore operations to a full-fledged insurance business this financial year, Roy said.