the Life Insurance Corporation (LIC) of India local division launched a micro insurance policy called ‘Jeevan Deep T-810’ for the benefit of the common man on the occasion of its 56 anniversary on Saturday.
The idea is to reach out to the economically weaker sections through the micro-policy. Addressing a press conference on the occasion on the office premises here on Saturday, LIC Senior Divisional Manager D. Tandi said that the insurance product was launched nationwide.
This is an endowment assurance with an added feature of guaranteed additions along with provision of loyalty addition. An immediate annuity product is available for ‘online buy’. Policyholders in the age group of 18 to 60 are eligible for insurance coverage. The policy term is 5 to 15 years. The minimum insurance coverage is Rs.5,000 and the maximum is Rs.30,000. Those who pay the premium amount without fail for two years will have complete insurance cover for the next two years. He said the division recorded a business performance of Rs.259.59 crore from 3.75 lakh policies in 2011-12. In 2012-13, the division so far registered a business of Rs.82.16 crore from 1.22 lakh policies added in the first two quarters. Similarly, the pension and group superannuation department covered 1.36 lakh lives with a premium income of Rs.274.36 crore during the 2011-12 fiscal, and in the current year’s first two quarters 53,000 new lives had been covered with a premium income of Rs.88 crore.
On the claims settlement front, in 2011-12, about 1.53 lakh maturity claims had been settled and premium income of Rs.426.16 crore and 13,023 death claims amounting to Rs.87.55 crore had been settled. In the current year so far, 39,065 claims worth Rs.113.43 crore had been settled. Direct marketing is a new initiative started by LIC. About 113 policies with a premium income of Rs.29.78 lakh have been raised. The division stood first in the entire country by doing a business of Rs.6 crore for 531 policies so far.
