Calcutta, Sept. 7: The Life Insurance Corporation of India aims to attain a 40 per cent growth in first-year premium collection from the east this year.

The PSU insurance major plans to collect Rs 5,520.50 crore in 2015-16 on the back of a strong product line-up.

In 2014-15, the first premium income from the zone stood at Rs 3,960.36 crore with total policy sales at 26.18 lakh.

"This year we have already done a premium collection of Rs 1,987.08 crore (as of August 31) and we are doing well with our strong product line-up," said Hemant Bhargava, east zone manager of the LIC.

LIC officials said the insurer had a tough time last year as it did not have adequate policies that were in compliance with the new guidelines of regulator IRDA.

The LIC had more than 50 policies before the change in regulations. The insurer now has over 20 polices, including the recently launched unit-linked insurance policy.

"The LIC is undertaking a massive training exercise for re-skilling of its agency force so that they can sell the new products, especially the Ulips," Bhargava said at a conference on the celebration of 59 years LIC's operations.

Ulips had become a popular life insurance product for agents on account of high incentives in the form of commissions and high projected returns for policyholders.

LIC chairman S.K. Roy today said in New Delhi that the recent fall in stock markets was a good buying opportunity for long-term investors and the company had been buying stocks. "The volatility is not a cause for concern, but a buying opportunity for long-term investors," he said.