LIC Nagpur division settles claims of Rs 58 crore in FY17

The Nagpur division of LIC has settled claims to the tune of Rs 58 crore of as many as 4,806 individuals during the current financial year so far, a senior official said on Wednesday.

"The division has sold 71,946 policies and received Rs 252.25 crore as premium paid," Senior Divisional Manager, Life Insurance Corporation (LIC) Nagpur Division, Ashwini Kumar Jha told reporters here.

The life insurance behemoth is celebrating its diamond jubilee this year.

"The Nagpur division of LIC has settled claims to the tune of Rs 58 crore of 4,806 persons during the current fiscal so far," Jha said.

The official said the division office has received around 11.95 lakh policies for revival .

"So far 45,308 policies have been revived with a premium of Rs 37.32 crore," he added.

Jha said on the national scenario, LIC has assets to the tune of Rs 22 lakh crore with over 41 crore policies in force.

Last financial year 205.47 lakh policies were sold which was 76.84 per cent of the market share. The premium paid was Rs 97,674.32 crore, which was 70.44 per cent of all India market share, Jha added.