Calcutta, July 14: Life Insurance Corporation (LIC) has witnessed a 27 per cent rise in the first premium income (FPI) at Rs 670.39 crore in the quarter ended June 30, 2003 compared with Rs 526.99 crore in the corresponding previous quarter.
In terms of sum assured, LIC has witnessed a 33 per cent growth to Rs 20,173 crore as against Rs 15,126 crore last fiscal. It has also been able to sell 29.81 lakh policies ó a growth of 11 per cent year-on-year.
Eastern zone has contributed the maximum to LICís total business during the first quarter of the current financial year, said M. Kumar, regional manager of LIC. The zone has set an ambitious target of selling 500 Varishtha Pension Bima Yojana on the first day of the launch itself. The corporation is targeting Rs 2,000-3,000 crore premium through this pension scheme.
Talking to newspersons on the occasion of the launch of Varishtha Pension Bima Yojana, Kumar said the zone had sold a total of 7,48,871 policies during April-June quarter accounting for 25.11 per cent of all India sale of 29,81,659 policies from seven zones taken together.
In terms of sum assured, the zone accounted for 21.77 per cent at Rs 4,393 crore as against the all India figure of Rs 20,713 crore, he said.