Tamil Nadu - Madurai   

LIC achieves 58 per cent of policy target by January

Staff Reporter

Madurai division plans to sell one lakh Bima Gold policies Madurai division plans to sell one lakh Bima Gold policies

MADURAI: The Life Insurance Corporation of India, Madurai Division, has achieved 58 per cent of the policy target having sold 188219 policies as on January 31, 2006.

Briefing presspersons here recently, R.J. Rajaraman, Senior Divisional Manager, LIC, said that the Tirunagar Branch had achieved its premium budget and was ranked second in the Zone, which included 261 branches in Tamil Nadu and Kerala. The Career Agents branch stood second in the country in achieving policy budget.

The Rajapalayam, Tiruppathur and Dindigul (I and II) branches too had reached the premium budget, he added.

The division stood second among eight divisions in Tamil Nadu by achieving 79 per cent in the premium budget target, he informed. By registering a growth rate of 69.36 the division also stood second in the Zone. In first premium collection, the division had recorded 75.3 per cent and stood second in Tamil Nadu and fourth in the Zone, Mr. Rajaraman added.

Bima Gold

The division is planning to achieve a sales target of one lakh policies of Bima Gold before the end of this fiscal year, according to Mr. Rajaraman.

He said that the division had so far sold over 17,000 Bima Gold policies. The LIC had declared February as `Bima Gold month' and the division planned to launch an intensive drive to take the product to the public and its existing policyholders, he added.

The Bima Gold policy, a money-back plan with flexible premium options, was introduced on September 1, 2005, to mark the 50th anniversary of the corporation and would come to a close on March 31, 2006, he said.

Explaining the salient features of the plan, he said that a certain percentage of the sum assured would be returned to the policyholder at regular intervals during the plan period. For example, in the case of a 16-year plan, 15 per cent of the sum assured would be paid during the fourth, eighth and twelfth policy year. On maturity, the policyholder, surviving the term, would receive all the premiums paid, excluding extra/optional rider premiums, less the amount of survival benefits already paid earlier.

Given the nature of the survival benefits paid to the policyholder, premiums under this plan were lower compared to other money back plans offered by the LIC itself.

Auto-cover facility

Bima Gold plan also had an auto-cover facility, under which the risk cover for the policyholder continued even if there was a slip in premium payments. The full death cover would continue for a period of two years from the date of the first unpaid premium, provided the policyholder had paid at least two full years' premiums, Mr. Rajaraman said.

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