Mysore division LIC to go paperless

Life Insurance Corporation (LIC), Mysore division, will go paperless soon with the on-going adoption of Enterprise Document Management System.

“To meet the changing needs of our clients, LIC has adopted existing technologies and embraced emerging technologies. All the branch offices are now connected through wide-area network. Portal, a single outlet for an array of services has been set up for our customers,” LIC senior divisional manager Sridharan said.

He told the press on the 52nd anniversary of the LIC of India that LIC policyholders numbering 21 lakh across 22 branches in the division, can pay premium through various banks, electronic clearing service and ATMs of the Corporation Bank and Axis Bank, and through SMS facility available for the Corporation Bank account holders.

Besides a new satellite office opened on September 1 at Kushalanagar in Kodagu district to mark the LIC foundation day and one at Periyapatna recently, another satellite office will be opened at Nagamangala shortly.

Including Kushalanagar, the division has six satellite branches and three more are planned this year at T Narasipur, Yelandur and in Metagalli (Mysore) to take the total to ten, he said.

Marketing Manager M K Manjunath said the health plus policy had evoked good response in the division with the sale of 1,000 policies so far. This had earned eighth place for the division at all-India level. The division had generated overall Rs 81 lakh as premium amount in the first quarter of this year.

Hassan town topped the division with a premium collection of Rs 44 crore in this financial year. The five branches in Mysore city had earned Rs 20 crore as premium revenue, he said.

The country’s No. 1 life insurer and the largest financial institution has over 20 crore customer and received over 45,000 claims on an average, every working day. Its investments marked to market value was about Rs 7,51,000 crore.

It is one of the highest taxpayers among the corporates and had paid advance tax of Rs 2627.14 crore for the assessment year 2008-09 and service tax of Rs 1,292.15 crore. LIC’s claim settlement ratio was one of the best in the world, Sridharan added.