The Hindu Business Line : Modernised LIC branch to be opened at Kaloor

AS part of its modernisation drive, the Ernakulam division of the Life Insurance Corporation of India is opening a modernised branch at Kaloor on Tuesday with hi-tech features to render top class facilities to the customers.

It is the second such branch of the division after Irinjalakuda, which will be inaugurated by Mr R.R. Nair, Zonal Manager, Southern Zonal Office, Chennai.

Mr M.R. Kumar, Senior Divisional Manager, said in a statement that the Ernakulam division was all set to scale new heights this fiscal as it has completed over two lakh policies in record time.

The division, which is on the top rungs in the country, has so far procured 2,16,129 policies for an insured amount of Rs 1,909 crore and a first premium income of Rs 70 crore as on December 31, 2003. The growth rate on conventional business is 10 per cent on policies, 23.5 per cent on sum and 26 per cent on first premium.

It has also sold over 1,600 new individual pension policies for the first premium of Rs 7 crore. The growth rate of pension sale is 76 per cent on number and 240 per cent on first premium.

The sale of unit linked insurance plan — Bima Plus — has also shown a tremendous increase this year and it is expected that the sales would cross 5,000 by the end of the fiscal for a premium income of Rs 10 crore.

Mr Kumar said that the sale of Varishta Pension Bima Yojana policies for senior citizens had been remarkable success so far with the collections reaching Rs 80 crore. The division also shown an excellent performance in other key areas such as IT initiatives for better customer service, claim settlement, green channel facility for new business completion and CRM initiatives.

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