LIC, state insurer to enlarge micro-insurance program

Life Insurance Corporation of India (LIC) says it will massively increase its rural, micro-insurance program five-fold to offer 4 million insurance policies this year in rural India.

TS Vijayan, chairman, LIC said that two years ago, the insurer had sold 8 lakh policies through its tieup with NGOs, micro-finance organisations, co-operative societies and rural banks.

"Now that LIC's technology platform is perfected, we are confident of moving out in a big way. Having realised that the key to greater spread will come from creating new distribution avenues, we have set a target of selling more than 4 million policies in the current year," he said.