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LIC to expand in east

Calcutta, Dec. 31: The Life Insurance Corporation of India (LIC) will open at least 20 small branches in Bengal and Assam this fiscal.

At present, the LIC has 91 such branches in the eastern region, and the number will increase to over 100 by the end of the year.

Besides the suburbs of Calcutta, the insurer has branches in Asansol, Burdwan, Bongaigaon, Guwahati, Jalpaiguri, Jorhat, Kharagpur and Silchar.

Finance minister P. Chidambaram in his budget speech had urged the state-run insurance companies to increase their presence in towns with a population of 10,000 or more. He had given a March 2014 deadline.

Accordingly, the LIC had planned to open several small branches in remote areas of the country to collect premium, issue policies and assist customers in its renewal.

The branches will have an LIC official along with agents to collect premium. The insurer is looking to employ retired LIC officials for manning such branches.

Meanwhile, the eastern region of the country’s largest life insurer is planning to close December with a premium collection of about Rs 800 crore, marking its highest monthly collection this year.

It is likely to overtake the collection in September, which was about Rs 675 crore.

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