LIC settles claims worth Rs 200 cr in 2012-13

The total claims settled in last fiscal included, 21,842 maturity claims amounting to Rs 116.05 cr and 2753 death claims worth Rs 25.54 cr

The Bhubaneswar divisional office of Life Insurance Corporation of India (LIC) has settled 88,760 claims amounting to Rs 212.63 crore in 2012-13.

The total claims settled in last fiscal included, 21,842 maturity claims amounting to Rs 116.05 crore and 2753 death claims worth Rs 25.54 crore.

The division has settled 58.01 per cent of total maturity claims on or before the date of maturity and 92.70 per cent of non-early death claims within 15 days of intimation.

"Our outstanding claims - both maturity and survival benefit and death claims- ratio is zero per cent," B Majhi, senior divisional manager, Bhubaneswar division, told media persons on the occasion of 57th anniversary of the incorporation of LIC.
 

He said, about 20 per cent of death claims comes in the bracket of early death claims and is settled in about 30 days.

During April-August 2013, the divisional office has settled 21,596 claims worth Rs 60.17 crore. The claims included 4012 maturity claims for Rs 25.99 crore and 827 death claims for Rs 8.84 crore.

In the first four months of the current fiscal, the outstanding claims ratio for maturity and survival benefit is 18.19 per cent and the ratio for outstanding death claims is 6.18 per cent.

The division had collected first premium of Rs 128.47 crore by selling 2,30,213 policies in the last financial year.

"We are targeting to sell 2,52,000 new policies and expecting a premium collection of Rs 143 crore by the end of this fiscal," he added.

With total policy holders of about 16 lakhs, the Bhubaneswar division has nine branches, nine satellite offices and two mini branches. The division has tied up with the Axis Bank and Corporation Bank for payment of premium.