The country's largest insurance company, LIC, plans to recruit around 10,000 employees in the current fiscal to give a push to its growth plans.
"We are planning to hire a good number of people this year as well. We intend to hire 10,000 people this year across the various cadre," LIC Managing Director AK Dasgupta told PTI.
Last year, LIC hired same number of people across various cadre including some lateral recruitment for the first time.
Of the total, about 5,000 development officers would be recruited in line with the growth plan, he said.
Besides, the corporation is planning to recruit people in class I cadre, specialised cadre like legal etc, he added.
At present, LIC has about 1,15,000 employees including about 21,000 class-I officers.
Meanwhile, LIC is also planning to expand its overseas presence by setting up a subsidiary in Singapore. State-owned life insurance company is seeking regulatory approval for launching its operation in the island country.
LIC already has presence in countries like the UK, Mauritius, Kenya, Nepal and Sri Lanka. In the Middle East, LIC is present in Saudi Arabia, Kuwait, Dubai, Abu Dhabi, Oman and Qatar.
During 2009-10, LIC collected a premium of Rs 70,891 crore compared to Rs 52,954 crore in 2008-09, thereby growing by around 34 per cent during the year.
The first-year premium collections of LIC during April-May grew by 88 per cent to Rs 10,081 crore against Rs 5,353 crore in the same period last fiscal.