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LIC Ernakulam Division crosses one lakh policies

Staff Reporter

The division emerged leader in the south zone in the sale of new policies

KOCHI: Life Insurance Corporation of India (LIC), Ernakulam Division, has emerged the leader in the south zone in the sale of new policies. The LIC has sold 1,02,203 policies. Ernakulam is the only division in Kerala and Tamil Nadu to have sold more than a lakh policies as on August 15 this year.

The growth rate of the division in the first premium (single) sales is 344 per cent with a collection of Rs.280.43 crore, said a press release from the LIC here. The target set for the current year is 5,64,000 policies. However, the division is poised to cross the six-lakh mark, the press release said.

The division's business through Bancassurance and Alternate Channels registered a growth rate of 356 per cent in the first premium. The division attained No.1 spot in the sale of Jeevan Tarang, a whole life plan.

Pension and group schemes unit of the Ernakulam Division surpassed the first premium budget (2006-07) of Rs.32 crore by June 15 this year.

The unit is the first in Kerala and Tamil Nadu to achieve the budget and second in the country as on date. For the number of schemes, the unit holds the second place in the country. It is first in the zone to achieve social security scheme budget.

On the claim area, the division settled survival benefits and maturity claims estimated at Rs.86.03 crore through 38,572 policies till July 31, this year. Death claim settlement amounts to Rs.8.73 crore through 1,141 policies up to July 31.

As on July 31, the total premium collected is Rs.632 crore and the total surplus generated Rs. 395.71 crore.

The Ernakulam Division introduced electronic clearing service whereby the policy-holders can give his/her mandate to the LIC which will automatically debit the premium from the bank account as and when due. The service can be used by customers who have accounts with any bank participating in the Ernakulam local clearing house, said the press release.

During 2005-06, the LIC recorded a growth of 31.77 per cent in sale of the number of policies, procuring 315.72 lakh policies for the first premium income of Rs.18,085.48 crore.

The number of in-force polices under the LIC at present is 16.59 crore.

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