Financial Daily from THE HINDU group of publications
Tuesday, Feb 14, 2006
Financial Daily from THE HINDU group of publications Tuesday, Feb 14, 2006 |
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Money & Banking
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Life Insurance LIC Ernakulam division retains top position in premium collection Our Bureau
Kochi , Feb. 13 THE Ernakulam division continues to maintain the top position among the 100 divisions of Life Insurance Corporation in the country in terms of first premium collections, by registering a growth of 63.81 per cent. The division has collected Rs 266 crore as first premium till January 31 in the current fiscal, by selling 2,51,238 policies. Mr P. Venugopal, Senior Divisional Manager, said the unit-linked policies contributed Rs 176 crore in the premium collection by having a share of 66 per cent. Here again, the division occupied the top position in the country, he added. He said LIC's Golden Jubilee product Bima Gold is a big hit as the division could sell 60,000 policies since its launch in September last year by achieving a share of 23 per cent in total policies. This is the highest selling for an insurance product within a short span of launching, he said. More than 7,600 agents have participated in the selling of Bima Gold. In Ernakulam division, Ottapalam Branch tops in Bima Gold sales with more than 6,000 policies followed by Aluva Branch. Jeevan Plus is also getting good response from customers as Rs 13 crore has been collected. The newly introduced single premium plan Bima Bachat could fetch Rs 10.63 crore as first premium income. Out of the 24 branches in the division, 11 branches have crossed the Rs 10-crore mark in first premium income. The Ernakulam division, he said is servicing about 23 lakh policies and an amount of Rs 643 crore has been collected as renewal premium during the first nine months of the current financial year. The total amount of maturity/survival benefit claim paid was Rs 203.80 crore in 1,14,801 cases as on January 31 this year. About 98 per cent of the cases were settled on or before due date, he said. For the benefit of customers, LIC has provided a toll free number 1800 4251 500. He pointed out that policyholders in the division would have the facility to remit the premium through electronic clearance system of selected banks from next month.
More Stories on : Life Insurance | Kerala
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