LIC Mysore sets ambitious target

LIFE INSURANCE CORPORATION ON A SOUTH INDIAN BLITZKRIEG

With only two months for the fiscal to end, the Mysore division of Life Insurance Corporation has achieved a 55 per cent in the number of policies sold and 48 per cent in premium income until January-end.

During the last 10-month period, it sold 2.5 lakh policies generating a premium income of Rs 215 crore, Mysore's senior divisional manager Jyothi Kumar Sen said on Monday.

The target this fiscal is 4.66 lakh policies and Rs 448 crore by way of premium income. "We are confident of achieving this because the last quarter is always the most hectic for us. This is the period when higher business is generated because of IT coverages and more investments," he said.

Speaking to Business Standard after the launch of the LIC's latest plan, 'Health Plus', he said the three unit linked insurance plans (ULIPs) contributed a major chunk of the income of the division. Master Plus, a pension scheme, Fortune Plus, a limited period high coverage plan, and Profit Plus, a long-term 20-year policy, were finding a good response.

Mysore city topped in the business-yield and Chamarajanagar district too was doing well, Sen said and added that the three satellite branches, newly opened at Malavalli, Belur and Gundlupet, were also performing well covering those rural areas by extending better service to the policyholders.

Last fiscal, the division sold 425.78 lakh policies for Rs 3.51 crore premia and secured the eighth place at the national level in premium generation, Divisional Marketing Manager Savannah added.

With the simultaneous launch of 'Health Plus' ULIP across 108 divisions in the country on Monday, LIC had become the first insurance company to market a health insurance plan with unique features.

The policy combined health insurance for the entire family, hospital cash benefit and major surgical benefit along with a ULIP component of investment in the form of units with surrender monetary benefit after a three-year period, Sen said.

Another advantage for the investor in the Health Plus is that the IT benefit gets extended up to Rs 1.15 lakh as the new plan comes with IT benefit.

With only two months left in the present fiscal, the division has set a target of mobilising Rs 1 lakh for each of the 10,000 agents in the area, the divisional manager added.