Coimbatore division of Life Insurance Corporation of India (LIC) is targeting 4 lakh policies for first premium income of ₹400 crore in its diamond jubilee year.

The targeted business for 2016-17 (diamond jubilee year) is 2,82,500 policies for first premium income of ₹300 crore. During 2015-16 the division completed 1,722,89 policies for first premium income of ₹229.76 crore

The division, covering the four districts of Coimbatore, Erode, Tirupur and Nilgiris, is confident of achieving its targeted business for the current fiscal by December, A Fazlul Rehman, Senior Divisional Manager, said. The achievement as on date stands at 50,294 policies with first premium of ₹90 crore.

A comparison with the performance during the corresponding quarter of the previous fiscal shows that the division achieved 50,756 policies, but the first premium was only ₹56.99 crore.

“With people looking at short term savings and single premium policies, the numbers, in terms of policies have dropped, but the premium income is on the rise,” he said.

“Jeevan Akshay Annuity Policy is a hot selling product; of the total first premium income of ₹90 crore, close to ₹35 crore is from this annuity plan. We have done over 700 policies.

“Contribution from the new Bima Bachat money back policy has been around ₹9 crore from 900 policies,” he said.

Bancassurance channel

First premium income from bancassurance channel has accounted to roughly 13 per cent of the total.

The division has settled 1,73,749 claims during the previous fiscal for an amount of ₹925.36 crore, he said.

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