KARIMNAGAR: The Life Insurance Corporation of India, Karimnagar division, is set to achieve the target of making 3.08 lakh policies with Rs 125 crores as the first premium insurance during this financial year, said LIC senior divisional manager M Govardhan Rao here on Tuesday.
Talking to newsmen, he said that out of the target they have made policies of 1,35,723 and collected Rs 63.46 crores as the first premium insurance amount as on December 31, 2005.
He said that during the last financial year (i.e 2004-05) they had made 2.11 lakh policies for about Rs 90 crores first premium insurance.
The total premium income in the year 2004-05 was Rs 462 crores and they transferred surplus of Rs 162.39 crores to the Life Fund of the corporation.
In this current year, the LIC division was growing with 23.68 per cent of polices and with 63.12 per cent in FPI. Currently, the division was having a total of 15.40 lakh policyholders in both Karimnagar and Adilabad districts.
He also said that out of a total of 13 branches of the division, the Ramagundam branch had completed its first premium target of Rs 6.2 crores by December 31, 2005.
He also said that the division tops in the settlement of claims. During the last year, they had settled 87,496 claims amounting to Rs 136.85 crores.
They had also recycled some 7,470 claims amounting to Rs 9.38 crores during the last financial year. Marketing manager P Raghava Rao and managers A Ranga Rao, P Sailaja and V Narasimha Rao were present.