Seemandhra stir takes toll on LIC biz in Vizag

The Visakhapatnam division of Life Insurance Corporation of India (LIC) registered a 24 per cent fall in policies sold in August as against its targeted realisation due to the ongoing Samaikhyandra agitation.

"As against the targeted August sale of 43,500 policies, we were able to sell 35,000 policies here as several sections of the people were involved in the agitations," Devraj Tandi, senior divisional manager, LIC - Vizag, told mediapersons here on Monday.

The division comprises Visakhapatnam, Vizianagaram and Srikakulam districts.

New premiums for the April-August period this financial year were at Rs 67.75 crore as against Rs 83 crore for the same period last year. It has planned to mobilise Rs 300 crore by selling 435,000 policies this fiscal when compared with Rs 267.50 crore from 396,000 policies sold in last year.

The division after showing a national lead in group insurance policies, expects to collect more than Rs 500 crore this fiscal.

"Last fiscal our premium collections in group insurance selling stood at Rs 484 crore and this year we are expecting more than Rs 500 crore," he said.