Money & Banking

LIC’s South Zone emerges the flagship region

Our Bureau Chennai | Updated on January 27, 2020 Published on January 27, 2020

Public sector life insurer Life Insurance Corporation of India has said that the Southern Zone leads in settlement of survival benefits, maturity and death claim and speed ratio.

It is the flagship zone with significant contribution to the Corporation’s achievements in individual as well as pension and group superannuation categories. The Zone has settled more than ₹9,852 crore under 17 lakh policies as claim amounts during this fiscal, a statement quoting Mukesh Kumar, Managing Director, LIC of India, said.

The Southern Zone is the first zone in all India to achieve the Q3 budget in single premium and first-year premium income. It has procured 13,93,125 policies for a first-year premium income of ₹4,519 crore as on January 15 for this fiscal. It is positive on all key areas - number of policies, single premium, non-single premium, first-year renewal premium and first-year premium income.

Pension and group superannuation vertical has registered a historic performance by securing more than ₹28,000 crore of new business premium income with an achievement to the budget of 418 per cent and growth of 559 per cent as on January 15.

The region has transferred a surplus of ₹25,108 crore as on December 31, 2019.

Kumar said LIC of India reported a growth of 46 per cent in first-year premium income at ₹137,035 crore for the period ended December 31, 2019 with a market share of 71 per cent.

During this fiscal, LIC has made a stupendous achievement of procuring about one trillion first premium income under pension and group insurance vertical. The achievements were possible due to the strong agency force of 12 lakh. In this fiscal, 5,000 new development officers came on board,” he added.

LIC for the first time has announced a total bonus of more than ₹50,000 crore for its policyholders and has given a dividend of ₹2,611 crore to the Central government.

Published on January 27, 2020
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