FM-LIC Board meet: LIC asked to open 1,800 new offices

Finance Minister P Chidambaram has asked the country's largest insurer Life Finance minister P Chidambaram has asked the country’s largest insurer, Life Insurance Corp of India (LIC), to open 1,800 new offices this financial year. These offices would have to cover all towns with a population of more than 10,000 people, said financial services secretary Rajiv Takru, on the sidelines of a meeting between the LIC board and the finance minister.

LIC has to achieve a total target of 3,867 offices this year, he said, adding the life insurer  already  had  about  2, 067 offices. “This has to be established and we are going to chase this up on a regular basis to ensure that LIC’s own man other than an agent is present in each of these towns,” Takru said. The insurer will start small offices at the beginning and later on, will scale up operations.

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