Financial Daily from THE HINDU group of publications
Friday, Feb 15, 2002

Port Info

Group Sites

Money & Banking - Life Insurance

A chapter closes

Dinesh Narayanan

MUMBAI, Feb. 14

IT had to be the inevitable. Life Insurance Corporation (LIC) has lost its last client in Sri Lanka to the risk (the biggest and most certain of them all) it covers — death.

Shantilal Chandulal Banker died about a month ago severing LIC's last "customer-connection'' dating back to the pre-nationalisation days.

Shantilal Banker took out a policy (no. 1919034) in his son's name on August 29, 1955. The sum assured on the whole life policy was 10,000 Sri Lankan rupees. The son, Jitendra Shantilal Banker, who was just 16 years old then, now lives in California. The corporation has written a letter to Jitendra Banker but has not received any reply so far, according to Mr T.K. Banerjee, Executive Director, Marketing and International Operations, LIC.

Mr Banerjee said the policy would be alive till August 29, 2024, or until the death of Jitendra Banker.

Send this article to Friends by E-Mail

Stories in this Section
Rupee steady; gilts rise

Dabur CGU set for April launch
`Insurance Bills may be passed in Budget session'
NBFCs diversify from niches
Expert group formed to review nidhi norms
CanFin Homes plans Rs 50-cr pvt placement
LIC plans foray into Sri Lanka
A chapter closes
RBI relaxes tier-II borrowing norms for foreign banks
GTB expands branch network
J&K Bank to offer 5 pc equity to foreign partner
SBI set to cut personal banking product rates
Online trading in gilts from today
Bond auction
Panic drawals from Rupee Bank
BoB MF unveils 3 debt schemes

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line