The Mysore division of the Life Insurance Corporation of India (LIC) is all set for a repeat of its top performance. The division achieved 180 per cent growth in just about two-and-a-half months. | |
| In the financial ending June 15, the Mysore division, comprising 22 branches including five in Mysore city, earned a premium income of Rs 34 crore, hitting 180 per cent growth rate. |
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| Last financial year, it did a business of Rs 140 crore, selling 3.15 lakh policies, thus topping policy growth, senior divisional manager Jyothikumar Sen said, while briefing the media on the arrival of 'LIC Zindagi Express' to Mysore. |
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| "It is a happy augury that Mysore division is doing extremely well in new business front. For the present financial year as on June 15, with a first premium income of Rs 34.26 crore, it has achieved the No 1 position in income in the entire south central zone, comprising Karnataka and Andhra Pradesh, and with a growth rate of 183.57 per cent, it stands No 1 in the zonal ranking," he said. |
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| LIC had settled over 3,000 cases worth Rs 7.5 crore within the span of two months. The unit-linked policies were also selling well in the market and of the Rs 37 crore, a major chunk of Rs 22 crore had come from rural investors. |
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| Andhra Pradesh and Karnataka were almost neck-to-neck in LIC business, though some places in Andhra Pradesh like Hyderabad and Secunderabad were doing better. Karnataka had seven divisions while Andhra Pradesh had nine, Sen said. |
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| LIC has planned another overseas branch in Egypt to cover the Indian diaspora there. |
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| Though around 15 insurance companies operate in the country, LIC remained the topper with a market share of 87 per cent and 79 per cent in premium. |
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| He said that though the insurance market was expanding and awareness too was increasing, only 30 per cent of the population was insured, leaving another 40 per cent of the insurable population uncovered. |
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| The Zindagi Express, a seven-bogie exhibition on rails showcasing LIC's achievements, strength, products and contribution to the nation-building activities over the past half a century and marking its golden jubilee year, will stay in Mysore on June 23 and June 24. |
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