The Western Zone of Life Insurance Corporation of India collected a whopping ₹10,879.07 crore first year premium income in FY20, and is the topmost Zone contributing to the volume of business of LIC on all counts.
The Zone underwrote 35,12,404 individual insurance policies. The Zone, headed by C. Vikas Rao, Zonal Manager, spans the states of Maharashtra, Gujarat and Goa and Union Territories of Daman and Diu , and comprises of 23 divisions, 403 branches and 194 satellite offices.
"The Pension and Group Insurance Vertical of Western Zone has also done exceptionally well with New Business Premium Income of Rs.16,028.80 crores, with a y-o-y growth of 19%. The total Premium Income of the Zone for 2019-20 was Rs.76,861.14 Cr, showing a growth of 8%," the insurer said.
Vikas Rao said that the performance of the Zone can be understood from the fact that 12.2% of all policies and 10.4% of first year premium of the entire insurance industry was collected by Western Zone.
Western Zone has almost 2.20 lakh agents across the Zone. The Zone plans to recruit 50,000 agents, through an intensive recruitment campaign. The aim is to take first year premium share of the Zone to 25% from 20%.
The Zone has settled 37,65,752 survival benefits and maturity claims amounting to ₹20,426 crore. Further, a total of 1,38,420 death claims, both early and non-early, have been settled amounting to ₹2,285 crore. The Zone has also settled annuity payments amounting to ₹3,566 crore.