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Life Insurance Corp's premium soars

Earning a new business premium of Rs 62.4 billion till January this fiscal, LIC South Zone has emerged as the lead zone in the country.

business Updated: Feb 02, 2008 18:54 IST

Earning a new business premium of Rs 62.4 billion ($1.6 billion) till January this fiscal, Life Insurance Corp of India (LIC) South Zone (comprising Tamil Nadu, Kerala and Pondicherry) has emerged as the lead zone in the country.

The target for whole of this year is Rs 80.20 billion ($2 billion).

On the claims settlement front the zone has settled death claims totalling 38,786 involving an outgo of Rs 2.60 billion ($66.1 million) and 755,000 maturity claims resulting in a payout of Rs.15.59 billion ($396 million) till last month, B Manivannan, zonal manager told reporters in Chennai on Saturday.

Ernakulam emerged as the top division earning over Rs 10 billion ($254 million) of fresh business till date.

He said seven branches have achieved their business target, 25 development officers procured over Rs 250 million (6.4 million) premium and 230 agents brought in over Rs 10 million ($254,064) in premiums.

He said eight divisional offices in the zone have implemented Enterprise Document Management System, which would enable policyholders to have their transactions with any of the LIC offices across the country.

Manivannan added that in respect of micro insurance policies the zone has sold 129,000 Jeevan Madhur policies with the help of non-governmental organizations.

The company will formally launch its long-term unit linked health insurance policy Feb 4.

According to Manivannan, the south zone hopes to earn around Rs.16 billion ($406.5 million) selling the health insurance policy this fiscal.