The Hindu : Tamil Nadu / Chennai News : LUGI annual convention from today

Online edition of India's National Newspaper
Friday, Sep 15, 2006
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Tamil Nadu

Tamil Nadu - Chennai

LUGI annual convention from today

Special Correspondent

CHENNAI: The three-day fourth annual convention of Life Underwriters Guild of India (LUGI) will open at the Chennai Trade Centre on Friday.

Addressing a press conference here on Thursday, P. Srinivasan, president of the "self-help organisation" of life insurance marketing professionals, said LUGI had been accredited by the Life Insurance Corporation of India (LIC). This meant that the 11,000 plus members of the Chairman's Club of the LIC could attend LUGI's conventions and claim reimbursement of costs.

Also, LUGI had been granted accreditation by the global organisation, the Million Dollar Round Table (MDRT), in August. As a consequence, life insurance agents and other marketing professionals in India who wanted to become members of the round table from January 1, 2007, would have to become members of LUGI.

Mr. Srinivasan said opening up of the life insurance sector to private competition in India had brought about a new awareness among insurance agents and advisors that they should upgrade their skills and services and offer "comprehensive financial packages" to the insuring public instead of merely selling policies to them. Members of LUGI worked for commission and were not on the staff of insurance companies. They dealt with life, medical and accident insurance but not general insurance, he added.

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