Life Insurance Corporation of India (LIC) is set to open 300 offices by the end of this month. At an event next week, Finance Minister P Chidambaram would inaugurate 300 mini LIC offices at one go. These offices, to be spread across the country, would have an LIC employee each, as well as agents empowered to collect premiums.
These offices would not only collect premium and issue policies, but also assist customers in renewals. Thomas Mathew T, current-in-charge chairman, said, “In India, there are 3,867 locations with populations of 10,000 or more. We are present in 2,167 locations. We would open 1,700 additional offices by the end of December.”
In his Budget speech, Chidambaram had asked LIC and public general insurers to be present in all towns with populations of 10,000 or more. It was said all such areas should have an LIC and a public general insurance company’s office by the end of this financial year.
At an LIC board meeting today, strategies for this financial year, in terms of products and budgets, were discussed. The insurer holds a board meeting every quarter to discuss issues of immediate importance and seek approvals for various growth plans. The LIC board has representation from the banking sector, the Central Board of Direct Taxes. Economic Affairs Secretary Arvind Mayaram and Financial Services Secretary Rajiv Takru are members of the board.