E-Paper
LIC records 55 pc growth in divn
THE INDORE division of Life Insurance Corporation of India continues to be ranked in the top-five bracket among the 100 divisions of LIC in the country by registering a growth of 55 per cent in the fiscal 2005-06. The division has collected Rs 203 crore as first premium in 2005-06 by selling over 3,63,000 policies. Over 70 per cent of its share comes from the rural market.
THE INDORE division of Life Insurance Corporation of India continues to be ranked in the top-five bracket among the 100 divisions of LIC in the country by registering a growth of 55 per cent in the fiscal 2005-06. The division has collected Rs 203 crore as first premium in 2005-06 by selling over 3,63,000 policies. Over 70 per cent of its share comes from the rural market.
Giving this information, Senior Divisional Manager P K Molri said that LIC’s Golden Jubilee product Bima Gold was a big hit as the company was able to sell over one crore policies nationwide in a short span of seven months, which is a record in the history of insurance industry.
Earlier, Molri lit the traditional lamp to inaugurate the insurance week of the LIC at its division office. The Corporation, which was established in 1956, completed 50 years today.
The LIC will be launching a new policy, New Bima Gold, on September 4. This policy will offer policyholders flexibility in depositing premiums. Its unit-linked product Market Plus that was launched in July has seen its NAV grow by 4.5 per cent in just one month. The plan comes in four categories depending upon the risk profile of the investors.
Talking about the high growth rate of private insurance companies, Molri said that the base of the private companies was very small so the growth figure was misleading. “They can easily register a growth of 500 per cent or more, but LIC’s growth of 30 per cent considering its large base is far more. Apart from that our record of paying the claims before the due date makes us stand apart.”
Indore division, as on March 31, 2006, had paid 99.3 per cent claims before the due date. With 20 crore policies at the end of fiscal 2005-06, LIC has not only emerged as the largest insurance company in the world, but has also been ranked as the ‘No 1 Service Brand’ for the past three years in a survey conducted by the Economic Times and AC Nielson ORG-Marg.
LIC has also contributed towards development programmes like potable water schemes, power generation, building homes, etc.
In the infrastructure and social sector, the company has invested Rs 59,625 crore and in the housing sector it has invested Rs 2,839 crore by March 31, 2006.
All the branches of the corporation are fully computerised and customers can also deposit premium on the Internet. The company also provides facility of interactive voice response system (IVRS) whereby a policyholder could inquire about the status of the policy by dialling 1251.
