Life Insurance Corporation (LIC), South Central Zone, is targeting collection of Rs 6,850 crore in new business premium income from over 68 lakh policies in 2011-12.

"During 2010-11, the zone has completed 58.80 lakh of policies with a premium income of Rs 5,596 crore. The new business premium income target for current fiscal is Rs 6,850 crore through 68 lakh policies," LIC-South Central Zone (Zonal Manager) A K Sahoo told reporters here on Friday.

The LIC South Central Zone, comprising Andhra Pradesh and Karnataka, has completed sale of nearly 12.73 lakh policies with a premium income of Rs 985 crore till July 31, he said.

Referring on the micro insurance sector, Sahoo said the zone is targetting 6.85 lakh policies from the segment during the current fiscal. "We have covered 6.37 lakh lives in the last financial year and in the current year so far we have covered 1.99 lakh mico insurance policies."

This sector offers a lot of opportunities and there is a need to address to it through lower premium plans, he said.

On the claims front, the zone had settled 21.36 lakh maturity claims with an amount of Rs 6,136 crore and 1.57 lakh death claims amounting to Rs 1,284 crore in 2010-11, Sahoo stated.

About new initiatives, he said the zone planned to add 10 more satellite offices to its existing 166. "Of the 10 new satellite offices, six have already been opened."

There is also a proposal to increase the number of agents to 3 lakh from the present 2 lakh, Sahoo stated.

He said under the Dr YSR Abhaya Hastham Pension and Insurance scheme for BPL families in AP, about 43 lakh lives were covered for a premium of Rs 368.95 crore.