India’s largest insurer Life Insurance Corporation of India (LIC) and four public sector general insurance companies will open around 1,800 branches by the end of the next financial year to cover all Indian villages with a population of over 10,000.
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Finance minister P Chidambaram said in his budget speech that state-run insurance companies will open a branch each of life and non-life ventures in towns with a population of 10,000 or more. “All towns in India with a population of 10,000 or more will have an office of LIC and an office of at least one public sector general insurance company,” he said, and set a deadline of March 2014 to achieve this target.
LIC will open 256 offices to cover all towns with a population of 10,000 or more. “These will be one man offices and will not require much capital,” said a senior LIC executive who didn’t wish to be named.
The country’s largest insurer has 2,048 branches and around 2,000 satellite offices. In addition, it has 20,000 premium paying points where investors can enquire, buy a policy, make payment, pay renewal premium and get loan application forms.
