The Hindu Business Line : Kalam asks LIC to provide demat policies

LIC should consider funding of power plants run on municipal and other bio-waste in Tier-2 cities and Tier-3 towns, Mr Kalam said. Micro insurance policy for the poor launched

MICRO INSURANCE PRODUCT: (From right) The President, Mr A. P. J. Abdul Kalam; the LIC Chairman, Mr T.S. Vijayan; and the Finance Minister, Mr P.Chidambaram, at a function in the Capital on Thursday. — Kamal Narang

New Delhi , Sept. 28

The President of India, Mr A.P.J. Abdul Kalam, on Thursday asked the Life Insurance Corporation of India (LIC) to consider providing dematerialised policies in electronic form to its policyholders. Such a move would enable easy storage of policies by the policyholders, Mr Kalam said after launching a micro insurance policy — Jeevan Madhur — designed to benefit economically underprivileged segments of society.

Mr Kalam asked the Government to consider necessary legal changes for enabling LIC to introduce dematerialised policies. This suggestion formed part of the seven missions that the President outlined for the consideration of LIC, which is now doing business in a competitive environment.

The President also urged LIC to undertake large-scale penetration into the rural and unorganised sector so as to increase the total policyholders of the corporation from the existing 190 million to 380 million within the next five years.

He suggested that an Institute of Insurance Management be created on the lines of Indian Institute of Management or Indian Institute of Rural Management. "There is a need to include insurance topics in the curriculum of B.A., B.Com and in distance education programme so that better trained assessors and sale personnel are available."

The President said that LIC should consider increasing the awareness of insurance products among rural people through the Village Knowledge Centre being established in each of the Panchayats.

Funding Power Plants

He also said that LIC should consider funding of power plants run on municipal and other bio-waste in Tier-2 cities and Tier-3 towns. This would enable provision of clean green environment and also release the land that is occupied by waste.

The Union Finance Minister, Mr P. Chidambaram, lauded the performance of LIC in the current competitive environment. He announced two new initiatives — a Rs 50 lakh fund for cochlear transplant and LIC Golden Jubilee Foundation Trust floated by LIC with a corpus of Rs 50 crore — for charitable activities relating to education and medical facilities.

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