Life Insurance Corporation of India has launched a micro insurance product, Jeevan Deep. This product, which commemorates the Corporation’s 56th anniversary, is its third after Jeevan Madhu and Jeevan Mangal, targeted at the economically weaker section. Under the scheme, the minimum sum assured is Rs 5,000 and the maximum is Rs 30,000. Announcing the launch of the product at a press conference here, D.D. Singh, Zonal Manager (South Zone), LIC of India, said 357 lakh policies were sold during 2011-12 commanding a 80.9 per cent of the market share of new policies issued.
Its total first year premium income was Rs 81,514 crore. In pension and group schemes, new lives insured were 284 lakh and another 95 lakh people were insured under social security schemes. During the year, 185.7 lakh claims amounting to Rs 66,023 crore were settled, he said. The outstanding maturity claims ratio is 0.5 per cent. Total payments to policyholders aggregated Rs 1,13,000 crore, he said.