The Life Insurance Corporation of India (LIC), has seen strong business growth in the southern districts during the last fiscal.
The Madurai Division, comprising 25 Branch Offices and 17 Satellite Offices located across six southern districts, saw the issue of around 5.19 lakh new policies generating new business premium of Rs. 475 crore, a 20 per cent growth over the previous fiscal, J. Chakrapani, Senior Divisional Manager, Madurai Division, told The Hindu on Sunday.
The thrust behind this increased business came from LIC's Blue Chip products - Endowment Plus and Samridhi Plus (which is a closed-ended unit-linked insurance scheme and would conclude on May 24).
The Madurai Division stood first in the South Zone, which covers Tamil Nadu and Kerala, in achieving sales under the ‘Direct Marketing' new initiative.
Launched in the last fiscal, this initiative utilised technology to reach out to the doorsteps of prospective customers.
The division also stood first in the South Zone in settlement of maturity and survival benefit claims, he said, adding that the division had nil claims to be settled as on March 31.
He said that other new business channels such as Bankassurance, Chief Life Insurance Advisors, Senior Business Associates and Pension-Group Schemes had also registered positive growth and had achieved the Budget targets. Further, he said, another new initiative of LIC – Metro Area Service Hub (MASH) – started in the last fiscal was also performing adequately.
This was a new back-office system implemented by LIC as part of its technology intervention initiatives to tackle the enormous customer base and sustain growth.
A total of 30 lakh premium reminder notices, premium default notices, Survival Benefit Intimations were sent directly to the customers during last year. The MASH also directly sent survival benefit cheques under Money Back policies to around 14,300 customers last year.
