The Hindu Business Line : LIC Ernakulam division leads in premium income

Mr J. Anilkumar, Senior Divisional Manager, said the Ernakulam Division had crossed 5 lakh policies for the first time in 2006-07 and was the only division to do so in the south zone States of Tamil Nadu, Kerala and Pondicherry. The division showed 94.1 per cent growth in single premium at Rs 510.35 crore, he said.

Similarly, non-single premium grew 58.99 per cent at Rs 182.78 crore during the period, he said.

During the first quarter of the current fiscal ending June 30, Mr Anilkumar said the division emerged No. 1 among the 105 divisions in the country on various schemes. It stood first in number of policies (1,34,215), single premium collection (Rs 177.54 crore) and non-single premium collection (Rs 82.94 crore).

The major contribution (75.32 per cent) came from unit linked plans. The division sold over one lakh ULIP policies with premium collection of Rs 253.98 crore. The Ottappalam branch with 10,717 policies stood first for the number of policies and the Thrissur branch with Rs 20.31 crore stood first in first premium income, he said.

Group schemes

In the pension and group schemes portfolio as on June 30, the division is No. 1 in the south zone for New Business Premium with Rs 22.15 crore and 6,138 lives.

During the current year, the division has settled 25,687 maturity claims and survival benefits worth Rs 40 crore as at June 30. Death claims were settled in the case of 889 policies.

Mr S. Krishnakumar, Marketing Manager, said the division has identified 11 more centres in the three districts of Ernakulam, Thrissur and Palakkad to open satellite offices during the year. The existing satellite offices are at Kothamangalam and Kanjani apart from 24 full-fledged branches.

As on March 31, the total income of the division was Rs 1,999.46 crore with a premium collection of Rs 1,903.93 crore and the total surplus generated was Rs 882.7 crore, he said.

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