Life Insurance Corporation of India (LIC) has plans to introduce new unit-linked insurance plans as well as traditional policies for its customers, to improve its premium collections. LIC Market Plus plan had received a huge response from the customers, in-turn generating good revenues, last fiscal. LIC aims to launch similar products during the second half of this year.
S Roy Chowdhury, Executive Director – Marketing at LIC, said, “In the last financial year, we had successful products such as Market Plus, which generated good revenues. Going forward, we will be launching similar products, both on equity-linked and non-linked platforms.”
At a time when the industry has seen a slowdown in their premium income, LIC has set a target of 54,000 first premium incomes for the year and aims to achieve it.
D K Mehrotra, LIC Chairman said that irrespective of the global newsflow, India’s growth story was intact largely due to the economy being domestic consumption driven.
LIC will provide a higher bonus rate on seven plans Jeevan Anand, Jeevan Tarang, Jeevan Madhur, Jeevan Shree I, Jeevan Bharti I, Jeevan Pramukh and LIC Child Future Plan.
The market share of LIC has consistently been increasing during the last two years. In 2010-11 its market share increased to 76.92% from 73.02% in 2009-2010.
Close to 60% of their sales come from sales of traditional plans and LIC plans to launch cheaper products in this category.
