LIC Bhubaneswar division settles Rs 170 cr claims by Dec end

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The Bhubaneswar divisional office of Life Insurance Corporation of India (LIC) has settled 55,120 claims amounting to Rs 170.13 crore till December 2013.

The total claims settled in the first nine months of the current fiscal included, 41,373 survival benefits amounting to Rs 61.94 crore, 11,783 maturity claims of Rs 86.49 crore and 1,964 death claims worth Rs 21.70 crore.

About 26 per cent of the death claims settled are in the bracket of early claims.

"We are trying to maintain the claim settlement percentage above 95 per cent," B Majhi, senior divisional manager, Bhubaneswar Division, told media persons on the occasion of launching of six new policies of LIC.

The division will settle about 58,903 survival benefits and 14,808 maturity claims worth Rs 171.08 crore by March 2014.

Against the target to generate Rs 143 crore as first premium income (FPI) for the current fiscal, the division office has already made a business of Rs 121.62 crore by December end by selling 198,635 new policies. The target for the division is to sell 252,000 new policies in 2013-14.

Bhubaneswar division has witnessed a growth of 61.86 per cent in number of policies (NoPs) and 58.06 per cent in first premium income till December compared to the same period of the previous fiscal.

"The division ranks first in the NoP and second in the FPI growth rates among its peers in the east central zone," said Bimal Chandra Padhi, manager (sales) of the division which operates with nine full-scale branches and an equal number of satellite branches.

In December, the division clocked Rs 42.42 crore new business and sold 68,995 policies.

LIC today announced the introduction of six new products effective from January 1, 2014. It has discontinued 52 products as a part of its obligation to meet the IRDA norms.

"At present we have eight products available for the customers," Padhi said.