Life Insurance Corporation (LIC) today said it is aiming at an over four-fold jump

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in new business income to Rs 5,000 crore in the current fiscal through bank tie-ups, among other initiatives.

"The corporation collected a first-year premium of Rs 1,140 crore last year from bancassurance and alternate channels. This year, we are targeting to garner Rs 5,000 crore," LIC Executive Director A K Sahoo said after the life insurer entering into a strategic distribution tie-up with Net Ambit here.

Of the total new business premium garnered by LIC through alternate channels last year, its nine public sector partner banks together contributed about Rs 800 crore.

Sahoo said LIC is looking at expanding the number of partnership tie-ups and will focus more on getting business through these partners.

"We are looking into having more number partners with us. We will also expand our bancassurance network," he told reporters.

LIC, with a 73 per cent market share, currently has 39 banks, 510 corporate agents and 125 insurance brokers as bancassurance and alternate channel partners.

Talking about LIC's policy sales target, Sahoo said about 3.88 crore policies were solicited last year. This year, the target is 4.66 crore policies.

During 2009-10, the country's largest life insurer earned a first-year premium of Rs 70,891 crore, an increase of 34 per cent over the previous fiscal, helping it garner a market share of 64.86 per cent.

Through the distribution tie-up with insurance brokerage firm Net Ambit, LIC aims to get Rs 500 crore business in the next three years.

Net Ambit currently has a presence at 140 locations spread across the country, which it plans to expand to 250 by March, 2011.