The Hindu Business Line : LIC's Bima Plus elicits good response

BIMA Plus, the sole scheme of LIC linked to the capital market, is doing well and so far more than two lakh policies have been sold all over the country and more than 2,000 in the Visakhapatnam division during the current fiscal, according to Mr S. Behera, senior divisional manager.

At a press meet here on Saturday, he said that 1,70,061 Bima Plus policies had been sold during 2003-2004 in the country and the first premium collected amounted to Rs 373 crore.

This year 2,09,302 policies had been sold till July 31 and the premium amounted to Rs 562.67 crore. In the Visakhapatnam division, 461 policies had been sold during 2003-2004 and Rs 75.64 collected as premium. Till August 14, 2093 policies had been sold and Rs 3.15 crore collected during the current year, he said.

He said the division was concentrating on group insurance schemes, with focus on the public sector units such as the Visakhapatnam port and the steel plant. A big scheme covering 21,875 farmers belonging to the Chodavaram Co-operative Sugars Ltd at Govada in the Visakhapatnam district had been finalised, he said.

As on August 14, the division could get 71,352 policies for a sum assured of Rs 419.75 crore with a first premium income of Rs 19.46 crore, showing a growth of 24.18 per cent, 31.6 per cent and 56.48 per cent respectively in the number of policies, sum assured and FPI over the corresponding period last year.

The division had granted Rs 25,000 each to 56 Bimagrams and incentives ranging from Rs 2,500 to Rs 10,000 to 16 Bima schools during 2003-2004, he said. During the current year, 150 Bimagrams and 100 Bima schools would be given incentives in the three districts of Visakhapatnam, Vizianagaram and Srikakulam, he added.

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