Shimla: With first premium collections having fallen, it would be hard task for LIC Shimla division to meet a stiff target of Rs 767 Cr for the year 2011-12 as in five months barely 15.46 % of targets had been met.
At a conference call to mark the 55th foundation day of the worldâ€™s largest insurance company, senior divisional manager Sat Pal said that upto end of August the Shimla division had collected Rs 118.6 Cr premium in the current fiscal.
The target for the year was 767 Cr with 417,000 policies. So far only 113,778 policies had been made, he said.
Mainly by interest shown by subscribers in high return UNILIP polices which are insurance polices linked with stock markets, in 2010-11 the Shimla division had collected Rs 613.43 Cr premium against 357,159 policies.
Till August 2010, in the last fiscal we had already collected Rs 325 Cr premium, said Sat Pal.
To meet the current years target LIC plans to appoint additional agents, some of whom have already been shortlisted.
Part of LIC north zone that consists of the states of Punjab, Haryana, Uttrakhand, Himachal and Jammu & Kashmir along with Delhi and Chandigarh, the zone targets to collect individual first premium income of Rs 10,000 crore with 60 lakh policies.