LIC T'puram sells 2.5 lakh policies

The Life Insurance Corporation (LIC) of India's Thiruvanathapuram division posted an annual first premium of Rs 330.96 crore during 2005-06 financial year, a growth rate of 124.54 per cent over the last fiscal.

L Ajith Kumar, senior divisional manager, told mediapersons here today that this showed an achievement of 182.35 percent of the target. The division sold as many as 2,50,392 policies during the period as against 1,79,909 the previous fiscal, he added.

Kumar said that 12 branches of the division crossed Rs 100 crore of sum assured, compared with three branches the previous year. The Thiruvananthapuram division boasts of a customer base of 17 lakh.

Pension and group schemes registered a commendable growth in the division during the period by insuring 75,717 lives through 197 schemes as against 29,318 lives through 72 schemes in the previous year, he said. It also created a record by settling 99.24 per cent of the survival benefits and maturity claims.

The division settled claims under 91006 policies amounting to Rs167 crore and with regard to dependent of deceased policy holders, it settled Rs 17.95 crore for as many as 2645 policies, he said.

Stating that the most sought- after products here were unit linked policies, Ajith, an LIC official said that the corporation clocked a share of 67.27 per cent of the total premium procured for the year.

During the first quarter of the current year, the division sold as many as 32,234 policies posting a first premium income of Rs 134.75 crore. This is a growth of 472.64 per cent as against 28.51 per cent during the corresponding period of the previous fiscal.

On the LIC's 50th year product, Bima Gold, Kumar added that the Thiruvananthapuram division sold as many as 66,201 policies generating an income of Rs 10.46 crore in a matter of just seven months since its launch in September last.