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LIC-Goa targets Rs 200 cr income from new policy

PANAJI: The LIC- Goa office on Thursday unveiled its first new product for the current financial year.

Jeevan Shanti, a non-linked, non-participating, single premium annuity policy was launched by Rajesh Middha, senior divisional manager, who said that, the policy is expected to be a major contributor to LIC’s business in the state during 2018-2019.

“Goans have lot of money and we are targeting at least Rs 200 crore premium from this policy for the current year,” said Middha.

He added that, the market response to the policy is excellent as record 48 policies valued at Rs 1.84 crore were sold on the first day of the launch.”

All-India LIC sold 10,000 policies of Jeevan Shanti which fetched the corporation Rs 41 crore.

The new policy is a pension plan targeted at individuals. It guarantees 9.18 percent returns to the policy holder. Middha said that, the policy is sure to find takers due to its active rate of interest that is better than bank fixed deposits or any other investments.

“The average life expectancy of Indians is increasing due to better health care facilities. The policy is keeping in mind the post-retirement financial need of the policy holder,” he said.

LIC officials who were present at the press briefing included Abhay Kulkarni, marketing manager, Arvind Naniwadekar, deputy manager (CLIA) and Nakul Bendre, chief manager.

The largest life insurance company in India, LIC’s operations in the state is through 3,750 agents and 108 development officers. The state office surpassed its target revenues by 139 percent in 2017-18 and in the current year we expect 50 percent growth in business,” said Middha.

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