LIC collects Rs 1,580 cr premium from alternate channel

NEW DELHI: The country's largest life insurance player, LIC, today said it has collected Rs 1,580 crore through alternate channels in the first four months of the current fiscal.

In the current year the company has collected premium of Rs 1,580.33 crore under 59.21 lakh transactions till July 31, LIC said in a statement.

The alternate channel include direct premium payment through selected LIC agents or development officers, online payment, it said.

LIC collected Rs 1,996.02 crore premium under 65.83 lakh transactions under the above alternate channel during 2008-09, it added.

Highlighting the performance of LIC on the occasion of its 53rd anniversary, the insurer said, "in the light of we have revised our entire strategy and outlook towards the market."

In spite of challenging economic environment, the total premium income for 2008-09 was Rs 1,57,186 crore, it said, adding, pension and group schemes procured Rs 12,507 crore of new business premium income.

The insurer with the market share of 61 per cent garnered first year premium of Rs 35,321 crore in the last fiscal.