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LIC Seeks To Triple Micro Insurance Business

Aims to sell about 4.2 million policies to the financially weaker section during 2009

Encouraged by the initial success of micro insurance scheme, Life Insurance Corporation of India (LIC) is planning to almost triple its business by selling over four million policies during the current fiscal – reported Business Standard.

Vinay Sinha, zonal manager at LIC, said: We aim to sell about 42 lakh policies to the financially weaker section of society during the current fiscal against 15.4 lakh sold last fiscal.

This year, till August, LIC sold 0.4 million micro insurance policies of Jeevan Madhur, an Endowment Assurance plan (the first micro insurance product). While on the launch of Jeevan Mangal, a term assurance plan with return of premium on maturity, LIC sold about 0.121 million schemes on the first day.

Mr. Sinha has added that with the advent of technology platforms and tie-ups with Non-governmental organizations, micro-finance institutions and the Self Help Groups, the penetration of such products is increasing. Speaking about the premium the company had collected through micro insurance scheme, he said that during 2008-09 LIC had collected INR312 million premium as compared to INR162.1 million in 2007-08, reported the newspaper.