The Life Insurance Corporation of India (LIC), which
turned 56 years on September 1, 2012, is celebrating the first week of
September as ‘Insurance Week.’ Addressing a press
conference here on Thursday, M. Govindaraju, Senior Divisional Manager,
Madurai Division, said that the Insurance Week celebrations were being
conducted in a grand manner.Various activities such
as medical camps and competitions for school children have been
conducted throughout the Division during the first week.The
Madurai Division, which covers six southern districts, has generated
new businesses to the tune of 1.04 lakh policies in the first five
months of this fiscal.In last financial year, LIC
Madurai Division settled 1.47 lakh policies maturity claims amounting to
Rs. 429.15 crore and in Death Claim, it settled 8,563 polices to the
tune of Rs. 57.67 crore.
As directed by the Central
Government, he said that the Division was promoting the use NEFT mandate
to all policy holders, which would enable LIC to expeditiously settle
all policy-related payments through electronic transfer. Of the Madurai
Division’s 30 lakh policy holders, so far 1 lakh NEFT mandates have been
collected from our customers.“We request all the
policyholders of LIC to provide their bank details for speeding up the
payments to them whenever it falls due.”Giving a
national picture of the LIC’s performance, he said that during 2011-12,
357 lakh policies were sold enabling it to command 80.9 per cent of the
market share in new policies issued and its total first year premium
income was pegged at more than Rs. 81,514.49 crore.Also
as part of the celebrations, Mr. Govindaraju said that a new micro
insurance product ‘Jeevan Deep’ was launched on 1st September. This is
an endowment assurance with an added feature of guaranteed additions
along with provision of loyalty addition. An immediate annuity product
is available for ‘online buy.’
