The Life Insurance Corporation of India (LIC), which turned 56 years on September 1, 2012, is celebrating the first week of September as ‘Insurance Week.’
Addressing a press conference here on Thursday, M. Govindaraju, Senior Divisional Manager, Madurai Division, said that the Insurance Week celebrations were being conducted in a grand manner.
Various activities such as medical camps and competitions for school children have been conducted throughout the Division during the first week.
The Madurai Division, which covers six southern districts, has generated new businesses to the tune of 1.04 lakh policies in the first five months of this fiscal.
In last financial year, LIC Madurai Division settled 1.47 lakh policies maturity claims amounting to Rs. 429.15 crore and in Death Claim, it settled 8,563 polices to the tune of Rs. 57.67 crore.
As directed by the Central Government, he said that the Division was promoting the use NEFT mandate to all policy holders, which would enable LIC to expeditiously settle all policy-related payments through electronic transfer. Of the Madurai Division’s 30 lakh policy holders, so far 1 lakh NEFT mandates have been collected from our customers.
“We request all the policyholders of LIC to provide their bank details for speeding up the payments to them whenever it falls due.”
Giving a national picture of the LIC’s performance, he said that during 2011-12, 357 lakh policies were sold enabling it to command 80.9 per cent of the market share in new policies issued and its total first year premium income was pegged at more than Rs. 81,514.49 crore
Also as part of the celebrations, Mr. Govindaraju said that a new micro insurance product ‘Jeevan Deep’ was launched on 1st September. 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.’
