The Raichur Division of Life Insurance Corporation (LIC), the State-owned insurance company, has recorded an outstanding performance in 2018-19 by collecting first premium worth ₹218.35 crore.
Addressing a media conference at his office here on Sunday on the occasion of the company’s 63rd Foundation Day, K.R. Venkatesh Prasad, the senior divisional manager, said that his division topped in the country in the first premium collection and bagged the second position in increasing the number of policies. He attributed the success to the collective effort of all employees and partners and thanked them all for their hard work and cooperation.
“We have sold 1,46,507 policies in 2018-19 and collected ₹218.35 crore in the six districts of Hyderabad Karnataka. We topped in the country in the first premium collection and bagged the second place in increasing the number of policies. Under group and social security scheme, we have had 79,444 life insurances worth ₹156.78 crore premium. The total number of policies in force has grown to 21.09 lakh and the total revenue collection has grown to ₹1,683.07 crore, including the premium revenue of ₹1,500.16 crore,” Mr. Prasad said.
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“Of the total payment of ₹1,156.02 crore made to the policyholders, ₹916.09 crore accounted for the settlement of 1,62,804 claims. 95.57% of maturity claims and 99.90% of death claims were settled in the year,” he said.
On Corporate Social Responsibility (CSR) activities, Mr. Prasad said that the division selected 45 villages in the six district of Hyderabad Karnataka region that had had 100 or more LIC policies and contributed ₹1 lakh to each of them for their development of basic infrastructure under Bima Village scheme.
When asked, Mr. Prasad said that the demonetisation had had a little impact on the growth of LIC’s business as it had recorded 8% growth in the last year.
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“Starting with an initial capital of ₹5 crore in 1956, today LIC has assets of over ₹31,11,847.28 crore with Life Fund to the tune of ₹28,28,230.12 crore. LIC has started with 168 offices in 1956 and now it has over 4,851 offices and one lakh employees, 11.79 lakh agents and 29.09 crore plus policies in force. Excellent claims settlement standards, the best in the industry is a matter of pride for LIC having achieved 92.95% maturity claims and 98.27% death claims settlement for 259.54 lakh claims amounting to ₹1,63,104.50 crore of in 2018-19,” he said.