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Life Insurance Corporation South Central Zone eyes 36 lakh new policies
LIC South Central Zone has set target of 36 lakh new policies and new premium of Rs 5,100 crore targeted for FY18. Life Insurance Corporation of India (LIC) completed 27.88 lakh policies during the 2016-17 fiscal.
Hyderabad: LIC South Central Zone has set target of 36 lakh new policies and new premium of Rs 5,100 crore targeted for FY18. Life Insurance Corporation of India (LIC) completed 27.88 lakh policies during the 2016-17 fiscal.
In pension and group schemes, the Zone covered 119.97 lakh lives with a premium of Rs 13,631 crore, apart from 135.88 lakh lives covered under social security schemes. LIC during 2016-17 registered a growth of 27.22 per cent in the new business in terms of the first year premium.
TC Suseel, Zonal Manager, said: “LIC South Central Zone clocked 54 per cent growth in premium income during 2016-17. Zone’s total premium income during 2016-17 crossed Rs 46,500 crore and the total number of policies serviced by the Zone crossed 4.4 crore.
The zone, in 2016-17, settled 24,68,204 maturity claims for an amount of Rs 9,820.13 crore. We also settled 1,51,785 death claims for an amount of Rs 1,731.92 crore, with an outstanding claims ratio of less than one per cent.”
LIC on September 1 celebrated its 61 years of service in the insurance industry. LIC South Central Zone comprising Telangana, AP and Karnataka, is implementing several community development activities. In 2016-17, 522 villages are declared as Bima Grams in this zone including 108 in AP, 69 in Telangana and 345 in Karnataka.
“As part of the new scheme, LIC is offering ‘Special Revival Campaign, where policyholders of lapsed policies can renew their policies with a few relaxations in payment of interest on arrears of premium,” said Suseel.
As part of the diamond jubilee special activities, the Zone adopted 17 villages with a specific focus in helping the villages by providing drinking water facility, solar lamps / LED lamps, etc, involving cost of Rs 50,000 per village.
Starting with an initial capital of Rs.5 crore in 1956 today LIC has assets of over Rs 25 lakh crore with Life Fund to the tune of Rs 23,23,803 crore. LIC started with 168 offices in 1956 and today with over 4,897 offices and has 1.15 lakhs employees, 11.31 lakh agents, 29 crore plus policies in force.
