The Western Zone of Life Insurance Corporation of India collected a gigantic ₹10,879.07 crore first year premium income in FY20, and is the topmost Zone contributing to the volume of business of LIC on all counts.
The Zone, headed by C. Vikas Rao, Zonal Manager, spans the states of Maharashtra, Gujarat and Goa and Union Territories of Daman and Diu , and comprises of 23 divisions, 403 branches and 194 satellite offices. The Zone underwrote 35,12,404 individual insurance policies
The insurer said, “The Pension and Group Insurance Vertical of Western Zone has also done exceptionally well with New Business Premium Income of Rs.16,028.80 crores, with a y-o-y growth of 19%. The total Premium Income of the Zone for 2019-20 was Rs.76,861.14 Cr, showing a growth of 8%.”
The performance of the Zone can be understood from the fact that 12.2% of all policies and 10.4% of first year premium of the entire insurance industry was collected by Western Zone, said Vikas Rao.
