LIC authorises agent in Nagpur to collect premium

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Nagpur, Sep 20 (UNI) A Life Insurance Corporation of India (LIC) agent from the city became the first from outside Mumbai to be authorised to collect renewal premium from customers and issue receipts.

The moment was marked when Bharat Parekh, the agent, collected renewal premium from a customer, Khushi Pillai, and issued her a receipt, at a brief ceremony at his office this afternoon.

Speaking to newspersons after the ceremony, Senior Divisional Manager Partha Samal said Mr Parekh was among the eleven agents recently authorised by LIC to provide the service, with the remaining 10 all being from the metropolis Mr Samal said the authorised agents could collect renewal premium only in cash from their own clients. Each agent could collect only Rs 50,000 every day, which had to be deposited in the bank by 1700 hrs the next day, he said.

The customer's policy record was updated immediately since the transaction was conducted through LIC's Web site, he said. The agents were authorised on the basis of their past record and level of service, Mr Samal said, adding that Mr Parekh had been an agent for the past 22 years, during which he had completed new business of Rs 488 crore in sum assured.

Replying to questions, Mr Samal said the corporation was likely to authorise more agents to collect premium and accept cheques in the near future, and later even to sanction loans. LIC was also likely to authorise agents to carry out underwriting, that is to assess and accept risks, something that the corporation does itself at present, he added.


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