LIC scheme to cover cane ryots

VISAKHAPATNAM, AUG. 21. The Visakhapatnam division of Life Insurance Corporation of India (LIC) has finalised a mega scheme to cover 21,875 farmers connected with the Chodavaram Sugar Factory.

Speaking to reporters here on Saturday, the Senior Divisional Manager of the division, S. Behera, said this was the biggest group covered under conventional group insurance business in the division. Similar schemes for the Visakhapatnam Steel Plant and the Visakhapatnam Port Trust employees would be launched soon, he said.

Growth registered

Noting that the division had registered a substantial growth in the current fiscal, Mr. Behera said that till August 14, as many as 71,352 policies for a total of Rs. 419.75 crores with a first premium income of Rs. 19.46 crores were procured. This was an increase by 24.18 per cent with respect to policies, 31.6 per cent on the sum assured and 56.48 per cent on the first premium income for the corresponding period in 2003-04.

In respect of the South Central Zone, Hyderabad, the zone had completed 9,54,834 policies for Rs. 6,861.4 crores of sum assured with first premium income of Rs. 313.56 crores, he said.


Last year the Visakhapatnam division had declared 56 Bimagrams and each of these villages were granted an incentive of Rs. 25,000. As many as 16 Bimaschools were also awarded incentives ranging from Rs. 2,500 to Rs. 10,000. This year, a Bimagram at Sontyam village in Pendurthi mandal from LIC's Shipyard branch and two Bimaschools in Narasannapeta and Chodavaram have been listed for the benefits, he said.

On health insurance plans, he said Asha Deep II was being closed on August 31 and 20,000 to 25,000 more policies were expected. Last year, the division settled 100 per cent maturity and survival benefit claims and all death claims as on March 31, 2004.