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Life insurance companies in India focused on controlling costs and renewal business which enabled them to make higher profits in 2010-2011 as compared to the previous year.
Last year, when insurance companies were worried about the new guidelines on Unit Linked Insurance Plans (ULIPs) and how it would affect their business, Insurance Regulatory and Development Authority (IRDA) suggested them to cut down on costs in order to stay profitable. This suggestion hinted towards redesigning of insurance products, slashing their administrative costs, travel expenses, management costs etc.
There are 24 life insurance companies in India which includes LIC. The remaining 23 are private life insurers which includes the latest entrant Edelweiss Tokio Life Insurance. Edelweiss recently received R3 approval from IRDA and has not yet started its operations.
Eight life insurance companies recorded profits last fiscal. The list includes LIC, ICICI Prudential Life Insurance - net profit of Rs 808 crores, SBI Life Insurance – net profit of Rs 366 crores and Kotak Life Insurance – net profit of Rs 101 crores.
Max New York Life Insurance increased its profits by 12-fold with a net profit of Rs 283 crores in 2010-11 over Rs 24 crores in the previous year.
According to data by Life Insurance Council, in a bid to cut costs, companies reduced the number of direct employees to 2.42 lakh from 2.67 lakhs. The number of insurance agents also reduced to 26.47 lakhs from 29.78 lakhs.
Life insurers like ING Vysya and HDFC Life are expecting to break even this fiscal. HDFC Life has drastically cut down its losses from Rs 299 crores in 2009-10 to Rs 99 crores in 2010-11. On the similar lines ING Life also cut down its losses from Rs 137 crores in 2009-10 to Rs 70 crores in 2010-11.
HDFC Life Insurance Company’s MD & CEO, Amitabh Chaudhry said that increase in premium collections and reduction in their operating costs will help them to break even this fiscal.
Last fiscal companies reduced their number of branches in an effort to further bring down their expenses.
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Zonal Manager’s Club
- Office/Stationary Allowance up to Rs.17,000 p.a.
- Sale Promotional Gift Items up to Rs.840
- Festival Advance up to Rs. 7,000
- 750 letterheads with envelops
- 200 visiting cards
- 1st class/AC II Tier Traveling Expenses
- Rs.1,100 out of pocket expenses for annual conventions (outstation)
- Housing Loan at 5.25% up to Rs. 3.4 lacs
- Interest free vehicle advance to purchase Car/Scooter/Motor Cycle
- Group Term Insurance (up to age 60) of Rs.75,000
- Telephone facility- Rental and Local Call charges
- Interest free advance for purchase of Office equipment up to a specified budget
The Life Insurance Corporation (LIC) was established 1st September 1956 with a view to provide an insurance cover against various risks in life. A monolith then, the corporation, enjoyed a monopoly status and became synonymous with life insurance.
Its main asset is its staff strength of 1.24 lakh employees and 2,048 branches and over six lakh agency force.
LIC has hundred divisional offices and has established extensive training facilities at all levels. At the apex, is the Management Development Institute, seven Zonal Training Centres and 35 Sales Training Centres.
At the industry level, along with the Government and the GIC, it has helped establish the National Insurance Academy. It presently transacts individual life insurance businesses, group insurance businesses, social security schemes and pensions, grants housing loans through its subsidiary; and markets savings and investment products through its mutual fund. It pays off about Rs 6,000 crore annually to 5.6 million policyholders.[formidable id=8 title=true description=true]
We at LIC of India always believe in providing world-class services to the client, also because of commitment and delivery of our services we #1 in Indian Insurance Industry, if we look at growth part of LIC it’s the only company which is going in profit and providing benefits to the existing clients and also playing a big role in Indian GDP also. We are having lots of Agents across the country and getting business from all over the India.
Now we are introducing referral program for those who want to work with LIC but are able to get time from their existing job. So here comes your chance also to earn like insurance Agent.
- No need to Give any paper.
- You don’t need to learn any LIC plans.
- No class room training for any product.
- No need to convince people.
Just Provide the contact number of the desired individual, our Relationship Manager will call them and will try to understand the requirements of the Individual. We will accordingly set time for meeting and will let you know the progress in the case.
If the sale gets successfully done we will provide you referral amount as mentioned in below table.
Call Now to Join Today!!!!!! Its free!!!!!