LIC eyes more tie-ups with PSU banks

Chennai, Sep 1: The Life insurance Corporation of India (LIC) will initiate more tie-ups with nationalised banks to enhance its market share and open 13 Satellite Sampark Offices in South Zone (Tamil Nadu, Kerala and Pondicherry) to provide hassle-free services to its customers, Zonal Manager G Prabhakara said today.

Addressing a press conference here, Mr Prabhakara said the South Zone as on Aug 15, 2006 had completed 9,06,054 policies with first premium income of Rs 1,70,291.75 lakh under single premium and Rs 19,097.08 lakh under non-single premium, showing a growth rate of 14.46 per cent, 321.41 per cent and 3.37 per cent respectively.

With the success of Bima gold policy, LIC would launch a new plan, New Bima Gold, during the Insurance Week Celebrations organised as part of LIC's 50th anniversary from September one to September seven.

" The new policy will have certain additional features. Under the new plan, premia received are paid back to the life assured in instalments at specific durations.

"Life insurance cover is available during the term of the policy and also during the extended term. It also has death and survival benefits.

"Besides, the new policy provides additional benefit like automatic risk cover in case of default of premium for a maximum period of two years from the date of default, if premia have been paid at least for two years," he added.

UNI