The launch of a new micro-insurance product Jeevan Deep marked the commemoration of 56 years of the Life Insurance Corporation. An endowment assurance with an added feature of guaranteed additions along with provision of loyalty addition, this is a product targeted at helping people to help people with lower incomes.
D.D. Singh, zonal manager, southern Zone, LIC, launched the policy, the third product in the micro-insurance category.
During 2011-2012, 357 lakh policies were sold, over 90 per cent of the market share of new policies, and the total first year premium exceeded Rs. 81 crore. He added that in the same year, 185.7 lakh claims were settled amounting to a sum of Rs. 66022 crore.
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Total payments to policy holders aggregated to Rs. 112,911.82 crore.