LIC south central zone collects highest premium

Life Insurance Corporation of India (LIC)'s south central zone (SCZ) has secured the top spot at an all-India level by collecting Rs 5,968 crore new business premium during the 2006-07 financial year. The zone sold 67.61 lakh policies during the period.

Under the pension and group schemes, SCZ insured 41 lakh lives with Rs 1,410 crore premium, which is more than the LIC's all-India target of 40 lakh lives.

In social security schemes, it insured 16.68 lakh lives as against the target of five lakh, while 20,721 lives were insured in the micro insurance segment. SCZ comprises Andhra Pradesh and Karnataka with 17 divisions and 314 branches.

SCZ zonal manager S Viswanathan on Monday told the media that the zone had settled over 14.63 lakh maturity claims and 1.08 lakh death claims during 2006-07 for an amount of Rs 4,268.44 crore.

"Our alternative channel business too has done well last year with the Andhra Bank completing 66,815 policies in Andhra and Karnataka for a new business premium of Rs 20.6 crore, while the Corporation Bank has completed 8,552 policies in the zone for a new business premium of Rs 19.49 crore," he added.

Among all the branches in the zone, Hyderabad emerged number one with Rs 533.08 crore new business premium and Udupi ranked first with 5.69 lakh new policies, he said.