New Delhi, August 17: Life Insurance Corporation (LIC) today said it is aiming at an over four-fold jump in new business income to Rs 5,000 crore in the current fiscal through bank tie-ups, among other initiatives.
“The corporation collected a first-year premium of Rs 1,140 crore last year from bancassurance and alternate channels. This year, we are targeting to garner Rs 5,000 crore,” LIC Executive Director A K Sahoo said after the life insurer entering into a strategic distribution tie-up with Net Ambit here.
Of the total new business premium garnered by LIC through alternate channels last year, its nine public sector partner banks together contributed about Rs 800 crore.
Sahoo said LIC is looking at expanding the number of partnership tie-ups and will focus more on getting business through these partners.
“We are looking into having more number partners with us.
–Agencies