LIC Southern Zone sets new record
Chennai, Apr 24: The Southern Zone of the Life Insurance Corporation (LIC) of India has set a new record of 37.04 per cent growth rate, the highest since its inception, by procuring 39,45,956 policies during 2005-06.
Addressing a press conference here, LIC Zonal Manager (South Zone) G Prabhakara said the zone had collected a New Business Premium of Rs 2,750 crore as against Rs 1,894.84 crore in the fiscal 2005-06.
The Zone had also collected a Total Premium Income of Rs 10,184.57 crore as against 8,554.02 crore, registering a growth of 19.06 per cent over the previous year.
Southern Zone, the only Zone of the LIC to surpass the targets on policies and premium, occupied number one position in achievement of budget on policies and number two on premium basis, he said.
The share of the Zone's new business to LIC on policies and premium was 12.5 and 15.21 per cent respectively, he added.
Mr Prabhakara said the success behind the Zone's scintillating performance was a record sale of 14,08,614 'Bima Gold' policies, LIC's golden jubilee year product, during the seven month period from September 2005 to March 06.
'Bima Gold' policy sales alone accounted for a share of 35.7 per cent of the total sales in Southern Zone in 2005-06, he added.
On the Unit Linked Business, he said the Zone had sold 3,21,240 policies for a new business premium of Rs 1,550.95 crore.
Mr Prabhakara said the Zone had also created history in the Pension and Group Scheme (P&GS) business by completing 1,838 schemes, covering 6.68 lakh lives for a premium of Rs 464.38 crore. All the 11 P&GS units of the Zone had achieved their targets in schemes, lives and premium. The Zone had achieved 121 per cent of the target in schemes, 223 per cent in lives and 155 per cent in premium.
He said the Zone had done very well in insuring the weaker sections of the society as all the 11 units had achieved their targets under Social Security Schemes.
The Zone had insured more than 3.62 lakh lives, thereby achieving 181.23 per cent of the annual target, he added.
Mr Prabhakara said the Zone had settled 11,85,205 maturity claims for an amount of Rs 2,439.89 crore. Out of these, in 98.67 per cent of the maturity claims, cheques were sent on or before the due date.
The Zone had settled 47,405 death claims for an amount of Rs 323.19 crore and 94.12 per cent of the non-early death claims (claims after three years of commencement of policy) were settled within 15 days from the date of intimation of the death claim, he added.