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Sunday, November 4, 2012

LIC all set for major recruitment drive

In one of its biggest recruitment drives in recent times, Life Insurance Corporation will be taking on board about 5,000 graduates as development officers in the next few months.

This is part of the company's strategy to achieve its 2020 vision of increasing the number of policy holders from the current 40 crore to 100 crore.

“We will be soon coming out with the advertisement for recruiting the development officers.

We currently have a pool of 27,000 development officers, who form the strength of our marketing team,” K. B. Saha, Executive Director, Human Resource Development, told Business Line on the sidelines of an event here today.

The entry-level salary of an LIC development officer is between Rs 12,000 and Rs 14,000 a month.

“However, they can earn significant incentives,” he said, adding in a lighter vein, “some of them are getting a bigger pay packet than our chairman”.

LIC does not have any plans to recruit at the senior level this fiscal, as it recently hired 300 people.

“We may not take in any significant number of people at the senior level, due to our re-engineered business operations with greater dose of technology.

Overall, in the next five to seven years, we may increase our employee strength by 10-15 per cent,” Saha said.

LIC, which has a market share of 80 per cent, employs around 1.15 lakh people. In fact, the number has been brought down from over 1.30 lakh a decade ago, although its business has grown about seven-fold during this period.

Increasing online operations have reduced the need for LIC to hire more at the officers’ level.

“Today, 50 per cent of our premium collection is through alternative modes. And this will grow in the coming years,” Saha said.


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