The Hindu Business Line : LIC Ernakulam division aims for Rs 1,000-cr first premium

"We are expecting a 300 per cent growth this year as the division has already collected Rs 377.89 crore in the first premium, thereby becoming number 1 division among the 12 divisions in the south zone as on March 31," Mr J. Anil Kumar, Senior Divisional Manager, told a press meet on Thursday.

"Though the Rs 1,000-crore target is a big task, we have set out in a systematic way to achieve it. We are regularly training the agents in building confidence among them to scale this new height," he added.

RANKING

He pointed out that the Ernakulam division ranked third among 100 divisions in the country and stood first in the number of new policies sold with a growth rate of 52.36 per cent in absolute volume of 4,91,290 policies among the 12 divisions.

The major contribution in the premium account came from the Unit Linked Plan, Future Plus with Rs 225.73 crore. The division, comprising the districts of Ernakulam, Thrissur and Pallakad, has collected over Rs 100 crore of first premium through the Unit Linked Plan, Future Plus as on March 31, he said.

Mr S. Krishnakumar, Marketing Manager, said on the occasion that the Ottappalam branch was ranked No 1 in both in number of policies (39,049) and sum assured (Rs 364 crore) in the south zone. The Muvattupuzha branch was ranked No 1 in first premium collections in the south zone with Rs 34 crore.

In settlement claims, he said the division has settled 1,26,676 survival benefits worth Rs 152.22 crore and 42,835 maturity claims worth Rs 163.96 crore during the financial year 2005-06. The death claim settlement amounted to Rs 26.38 crore in 3,650 policies. The outstanding claims were nil last year, he said.

During the current year, the division had settled survival benefits and maturity claims worth Rs 30.42 crore in 13,450 policies as at March 31, this year. The death claim settlements amounts to Rs 3.1 crore in 407 policies up to May 31. The total income of the division as on March 31 was Rs 1,193.71 crore with a premium collection of Rs 1,157.19 crore and the total surplus generated was Rs592.14 crore.

In the pension and group scheme front, the budget was achieved and the division collected Rs 43 crore as annuity funds in 6,095 policies. The total premium collected was Rs 90 crore, he said.

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