The Hindu Business Line : LIC Coimbatore unit targets 1 lakh Bima Gold policies

The countdown has already started. With just 14 days left for LIC's Bima Gold Policy to come to a close, corporation sources are upbeat about achieving the target.

The Coimbatore Division of LIC, which has till date sold about 28,767 Bima Gold policies has fixed an ambitious target of one lakh policies before the close of the policy.

The Corporation's Senior Divisional Manager, Mr G. Sridharan, said the first premium (Bima Gold) collection amounted to Rs 5.89 crore.

On the division's performance, he said, "We have completed 2.33 lakh policies against a target of 3.62 lakh policies. The first premium collection at Rs 179.16 crore signals a growth rate of 52.23 per cent on first premium. We have fixed the first premium target at Rs 230 crore and are confident of achieving this by March 25."

Hailing the performance under the Group Savings Business, Mr Sridharan said against the budgeted 30,000 lives and Rs 13 crore premium income, the division had already covered 40,129 lives, which fetched the Corporation a premium income of Rs 15.78 crore.

To a query on policy lapses, he said, it averaged to 15 per cent, but there was variation between the branches in the division.

"Policies like Bima Gold could be revived within the specified time frame, giving the insured a cushion. The lapsation rate on such policies is almost nil."

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