LIC eyeing to expand operations overseas

Life Insurance Corporation (LIC) today said it is planning to expand in overseas markets and will start segmenting agents next month onwards, even as the Insurance industry is witnessing a de-growth.     

"The insurance industry is in a state of flux. The time has come now to redefine ourselves and create a stir not in India alone but also worldwide," LIC Executive Director S Roy Chowdhury told reporters here.     

LIC, which already has presence in Nepal and Sri Lanka, is looking at the possibility of starting offices in Bangladesh, Thailand and Malaysia, he said.     

The life insurer has a strong footing in the Gulf region and is the largest seller of insurance policies in Bahrain, he said.     

Chowdhury, who was here to attend the 9th annual convention of the Life Underwriters' Guild of India, said the government also wanted to increase LIC's overseas portfolio.     

The company also has plans to segment nearly 1.3 million agents based on their business performance from October, he said. There would be four segments — LIC Mitra at the basic level, LIC Advisor, LIC Financial Advisor and LIC Wealth Manager.