Date:02/03/2008 URL: http://www.thehindu.com/2008/03/02/stories/2008030254830300.htm

Andhra Pradesh

LIC to diversify into credit card business

Staff Reporter

Kakinada: The Life Insurance Corporation of India (LIC) will be soon diversifying into credit card business to establish itself as a major provider of non life insurance products. Besides, LIC has already made its mark in the health insurance sector.

On the life insurance front, LIC still dominates the market and is better positioned to face competition from foreign companies, LIC South Central Zonal Manager S.Viswanathan told reporters after the inauguration of LIC’s own branch building on the main road here by District Collector M.Subrahmanyam and Mayor K.Saroja.

LIC had achieved more than 60 per cent of the sales target of 74 lakh life insurance policies in the south central zone comprising Andhra Pradesh and Karnataka States in 2007-08.

About 52 per cent of the premium amounting to Rs.7,654 crore was collected as on December 31, 2007. LIC’s performance at the national level was equally impressive for a target of five crore policies. LIC has done exceedingly well in pension and group schemes. LIC is currently offering four types of unit-linked policies in addition to several conventional products.