The Hindu Business Line : Coimbatore LIC division scores on Bima Plus

THE Coimbatore Division of LIC has taken a lead over the other 99 divisions of the corporation in the sale of its unit-linked plan - Bima Plus policies.

The division, comprising three districts - Coimbatore, Erode and Nilgiris — managed to sell 14,000 policies during the 2003-04 financial year and stand on top in the number policies sold.

In terms of first premium income (FPI) however, Coimbatore division was pushed to the second place.

The Senior Divisional Manager, Mr G. Sridharan, on the eve of the Corporation's Insurance Week Celebration told presspersons that the division has sold more than 11,500 Bima Plus policies up to August this year for a FPI of Rs 32 crore.

It was targeting 25,000 Bima Plus policies for a FPI of Rs 50 crore this fiscal.

The division has on the whole registered a growth rate of 264 per cent, with the number of policies sold rising to 70,181 for a sum assured of Rs 502 cr and FPI of Rs 43 crore. `A sum of Rs 98 crore has been generated as `surplus', he added.

To a query on claims, he said 98.5 per cent of the claims were settled in advance (one month before the maturity). The division has settled 93,298 claims and paid Rs.157.72 crore last year, he said adding that 19,318 claims were settled up to July this year.

The outgo on this account stood at Rs 35.40 crore.

On performance of its rural branches, he said that Dharapuram, Kangeyam, Pollachi, Tirupur, Mettupalayam and Sathy had done well during the previous year.

As part of its social commitment, the corporation offers agency to people in the urban and rural areas on stipendiary basis and subject to certain conditions.

While hinting that two mega schemes were being finalised by the Corporation for the current year, Mr Sridharan said Bima Gram has evoked good response.

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