Life Insurance Corporation (LIC), India's largest life insurance player, has tightened its grip in life insurance sector by increasing its market share in first premium income to 72.4% at the end of July 2011 from 68.7% at the end of March 2011. The insurer also increased it market share in number of policies sold to 78.4% at the end of July 2011, from 76.9% at the end of March 2011.
"Our diversified product portfolio and strong field force of agents who have strong relationship with the policyholders are the major drivers of growth,” said S Roy Chowdhury, executive director (marketing), LIC.
It has 53 products in its portfolio, has sold around 80 lakh policies till the end of July. LIC has set the target of Rs 54,000 crore as a first premium income for 2011-12. During 2010-11, the insurer sold around 3.7 crore individual policies and covered more than 3.5 crore lives through its group schemes, said Chowdhury