LIC is aiming to double its business in terms of new policy issuance to four crore in the current fiscal and will hire two lakh new agents to augment its field strength. Life Insurance Corporation (LIC) currently has an agency force of over 10 lakh.
These targets were set out for LIC by Chairman S K Roy and said, “During Fiscal year 2016-17, let us commit ourselves to set new records in sales and exponentially expand on individual non-single premium segments.
We should target a minimum 4 crore lives to be covered and minimum two lakh agents to be added in 2016-17″. His optimism comes from the robust growth the Corporation could record in financial year 2015-16, wherein it grew by close to 25 per cent in terms of new policy issuances.
“Financial Year 2015-16 was a year of recovery for us. We recovered from below-par performance in fiscal 2014-15 to show positive results. On the basis of reporting of figures to the IRDAI, we have grown by 24.74 per cent growth in first year premium and 1.86 per cent growth in policies/ schemes,” Roy said.