LIC south zone meets target

Life Insurance Corporation of India (LIC’s) south zone, including Tamil Nadu, Kerala and Puducherry, had sold over 11 lakh policies and earned first premium income (FPI) of Rs 1,320.77 crore during the current fiscal.

The zone had set a target of Rs 9,900 crore by end of this current fiscal. Meanwhile, zone’s real estate division is planning to develop commercial space in its land bank which is worth about Rs 900 crore.

Addressing a press conference here on Monday B Manivannan, zonal manager, South Zone said that FPI during last fiscal was Rs 8,552 crore, an increase of 45.87 per cent.

 

He noted, Ernakulam division, which comes under south zone, has topped in the country by collecting FPI Rs 177.09 crore, followed by Trivandrum with Rs 161.25 crore.

On the pension and group schemes, the zone has so far covered 2,47,165 lives as against 19 lakh lives set for the current fiscal. The zone has earned a premium income of Rs 317.87 crore under this scheme as against the target of Rs 1,000 crore, he added.

So far the zone has settled Rs 109.33 crore death claims during the current fiscal for 17,439 policies and number of maturity claims were 2,95,850 and amount settled was Rs 753.55 crore.

On the real estate front, he said, the corporation has bought two properties near Chennai for a sum of Rs 173 crore last year. The real estate division of the zone is planning to develop commercial space on the same, Manivannan added. Currently the zone has 196 properties worth about Rs 900 crore.

Meanwhile, the zone is planning to convert all its offices in the zone to paperless office in the next two years by implementing Enterprise Document Management System (EDMS) where in customers can log on to a portal to get informations about their policies and products.

EDMS will enable the policy-holders to avail themselves of services such as obtaining loan, and claiming survivalômaturity benefit on their policies from any other branch in India.

In the first phase, the system has been introduced in four divisions in South Zone - Chennai-I, Chennai-II, Madurai and Kottayam. In the next two years the entire zone will come under EDMS, he added.

Manivannan said, around 5,100 Chief Life Insurance Agents (CLIA), out of 1.2 lakh agents, are selected from the south zone who can now recruit and train agents for selling LIC’s products. Each CLIA can recruit upto 25 agents.