Special Correspondent

SHIMOGA: The Life Insurance Corporation of India (LIC) has created a record in the insurance sector by settling 43,000 claims estimated at Rs. 88 crore every day, LIC Unit 1 branch manager Sudhirkumar Shetty said here on Monday.

Mr. Shetty was addressing a customers' meet at the Shimoga District Cooperative Central Bank. He said the LIC had assets estimated at Rs. 4,98,000 crore and the life fund of Rs. 4,62,662 crore on the occasion of its golden jubilee. Mr. Shetty said the outstanding claims settlement rate was 0.04 per cent while the outstanding death claim was 2 per cent.

Bank's managing director B.A. Mahadevappa, who presided over the function, urged the LIC to come out with new schemes.

Assistant Branch Manager of LIC D.V. Subbaraj was present.