Andhra Pradesh - Karimnagar   

LIC sets target of five lakh insurance policies till 2010

Staff Reporter

Increases market share in spite of stiff competition

KARIMNAGAR: Life Insurance Corporation of India, Karimnagar division, has set a target of making five lakh new insurance policies till 2010 against the existing policies of 2,75,973 policies in the division comprising of Karimnagar and Adilabad districts.

Disclosing this to newsmen here on Saturday, LIC senior divisional manager M. Godavardhan Rao said that the LIC had increased its market share in spite of stiff competition from 14 other private companies during this financial year. Highlighting the achievements of Karimnagar division which had secured the Chairman shield for excellent performance in claims settlement for the year 2004-05, he said that they had recruited 24 developmental officers and planning to open satellite officers and regular branches to serve its customers better. Giving details about the settlement of claims, he said that they had disbursed Rs. 68.83 crore as maturity claim payments, Rs. 33.92 crore as survival benefit payments and Rs. 23.31 crore as death claim payments in the division. He said that they had constituted 14 Bima grams (villages) and 9 Bima schools to encourage insurance policies in the villages and schools respectively.

New schemes

Rudrangi and Ponkal branches of the Andhra Bank, which had secured 150 policies with Rs. 3 lakh as first premium respectively, have been declared as Bima banks. He also listed out various new insurance schemes. LIC marketing manager Raghava Rao and sales manager Babu Rao were also present.

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LIC sets target of five lakh insurance policies till 2010

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