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Coimbatore division of Life Insurance Corporation of India is on a policy revival drive.
The Lapsed Policy Revival Campaign, launched on August 16 is open till November 15.
The Senior Divisional Manager of Coimbatore division of LIC, M Ravikumar told BusinessLine that the response to this revival campaign has been quite good. “We have within three days of announcing the drive, revived about 30 to 40 per cent of the lapsed policies.”
LIC is not only giving the policy holders who had failed to remit their premium dues on time a lifeline, but is also offering them late fee concession, ranging between ₹1,000 and ₹2,500, depending on overdue premium. Ravikumar said that the lapses were higher in quarterly premium paying mode than half-yearly and yearly premium collections.
On claims, he said: “The outstanding is nil. We paid ₹654 crore towards settlement of claims last year. The number of death claims stood at 7,800 and the sums settled thereof stood at ₹6.1 crore.”
Ravikumar shared these details on the sidelines of the launch of the Corporation’s Jeevan Rakshak plan.
The division, comprising 26 branches and 40 satellite offices, is targeting to sell one lakh Jeevan Rakshak policies this fiscal.
Highlighting the details of this non-linked, non-medical plan, he said Jeevan Rakshak is a low premium high benefit plan, designed to cater the insurance needs of all segments.
Those in the age group of 8 and 55 will be eligible to avail this policy.
It would be available under yearly, half-yearly, quarterly, monthly (ECS) and salary saving scheme premium paying modes and for terms ranging from 10 to 20 years.
The plan would be available for a minimum sum assured of ₹75,000, and in multiples of ₹5,000 thereafter, subject to a maximum of ₹2 lakh.
On performance of this division, Ravikumar said: “Our new premium collection target for the current fiscal is ₹350 crore against ₹320 crore last fiscal. During the first quarter, we have achieved ₹70 crore.”
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