LIC western zone sets 11% growth in new premium mop-up in FY20

National insurer Life Insurance Corporation's western zone is looking to sell 39.75 lakh new policies worth Rs 11,375 crore in premium income this financial year, almost 11 percent over the past fical year. The western zone consists of Maharashtra, Gujarat, Goa and the Union territories Daman & Diu, and Dadra & Nagar Haveli, and contributes 20 percent of its business and thus the largest.

The western zone had 20 percent share in new business premium and with 33,61,000 policies worth Rs 10,271 crore premium in FY19. "For the current year, we have a target of selling 39.75 lakh policies or a premium collection of Rs 11,375 crore. We have already sold 9,75,000 policies with a total premium of Rs 4,600 crore in the first five months of the fiscal," zonal manager C Vikas Rao told reporters.

The zone is servicing 5.87 crore policies, he added. He said the Corporation, which had on September 1 celebrated its 63rd foundation day, is also planning to increase agency force by 10 percent by March 2020 in the zone.

The zone has 2.09 lakh of 11.79 lakh agents as of today, he said. The insurer employs over 1 lakh and has over 29.09 crore live policies..

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