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R.Y. Narayanan

Records 24 per cent growth in sale of new policies

Coimbatore , April 21

The Coimbatore division of Life Insurance Corporation of India has put up a strong performance in terms of number of policies sold and in the first premium income earned during 2005-06 compared with the previous financial year.

The division has also secured the fifth place among the LIC divisions in the country in `bank assurance and alternate channel business' in first premium income overtaking even larger cities such as Mumbai and Chennai. (Coimbatore LIC division has 26 branches in Coimbatore, Erode and the Nilgiris districts).

According to Mr G. Sridharan, Senior Divisional Manager, LIC, Coimbatore Division, the division recorded a 24 per cent growth in the sale of new policies during last year - 3.31 lakh policies were sold during last year compared with 2.67 lakh policies in 2004-05. The value of first premium income generated was Rs 231.50 crore, representing a 30 per cent growth, compared with Rs 177.73 crore in the previous year.

Record growth

He said the bank assurance had shown a robust growth in Coimbatore division during last year. This business registered a 150 per cent growth in terms of number of policies - last year 3,002 policies were sold through this route as against 1,202 in the previous year and the premium income jumped by 84 per cent to Rs 10.64 crore (Rs 5.86 crore in 2004-05).

In a release issued here, he said Coimbatore division secured the 5th rank among the LIC divisions in the country, and the first rank in South Zone, in bank assurance and alternate channel business in the first premium income during last year.

While the Delhi division I secured the top spot in the country in this business earning first premium income of Rs 17.28 crore, Kolkata Metro I came next with Rs 14.18 crore income, Lucknow was third with Rs 11.22 crore and Delhi II was fourth with first premium income of Rs 10.80 crore.

In Coimbatore division, Indian Overseas Bank sold 1633 LIC policies earning a first premium income of Rs 4.60 crore and City Union Bank came next with a premium income of Rs 3.26 crore and Corporation Bank sold policies earning first premium income of Rs 1.66 crore.

He said Mr.K.M. Pachiappan, Development Officer at Gobichettipalayam branch in Erode District secured the first rank in terms of number of policies (4,905) as well as premium income (Rs 3.65 crore).

Among the agents, Mr D. Vasudevan of Pollachi I branch secured the first place in terms of sum assured (Rs 12.34 crore) and premium (Rs 2.78 crore).

The division also saw a significant growth in the number of high value policyholders with a sum assured of Rs 1 crore or more with 34 such policies being sold during last year.

Mr Sridharan said the division had settled more than one lakh maturity and survival benefit claims worth over Rs 190 crore and there were no pending claims as on March 31, 2006. Last year, LIC had declared 5 Bima Gram in Gobichettipalayam branch area and had granted Rs 25,000 each to the village panchayats for building community halls, water tanks etc.

More Stories on : Life Insurance | Tamil Nadu

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