"They (private insurers) are talking about 30,000. We are talking about 11-12 lakh and that is the difference. In three years, we want to double the number of agents," LIC Chairman T S Vijayan said on comparison with private sector competitors in terms of hiring plans.
"We don't talk about thousands. We talk about lakhs. Last year, we ended with 11 lakh plus agents and we would like to increase it by a minimum 25 per cent by March, 2009. This is a target we have taken ourselves and I think we will be able to do it," he said.
LIC recruited about two lakh insurance agents all over India this current year. This excludes hiring plans for development officers, he clarified, saying that during the current financial year alone, LIC has recruited 4,500 officers and the next year the number could go up by up to 5,000. Now LIC has about 24,000 development officers across the country.
Other private life insurers are also recruiting large number of agents to expand their business. Reliance Life is in the process of adding 90,000 agents and 2,500 managers, while Metlife and Max New York Life would increase advisors' strength by 30,000 agents by the end of the current fiscal.
OneIndia News (With inputs from Agencies)