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Record mobilisation for LIC Vellore division

Special Correspondent

Puducherry: Vellore Division of Life Insurance Corporation of India (LIC) has mobilised Rs.157 crore as first premium payment within 108 days since commencement of the current fiscal (2007-2008) by selling 1,45,500 new policies so far, according to the Senior Divisional Manager (Vellore) M.K. Balakrishnan.

Addressing presspersons at the LIC Anna Salai branch office here on Wednesday, Mr. Balakrishnan said that this record performance registered a growth rate of 166 per cent and put the divison in the top slot in the country. LIC had also recorded a growth of 51 per cent in premium collection.

Mr. Balakrishnan said that the achievement of the division (comprising the Union Territory, Vellore, Villupuram, Cuddalore and Tiruvannamalai districts in Tamil Nadu) was due to overwhelming response to the “Market Plus and Money Plus” policies.

Under these two plans alone, Rs 150 crore had been mobilised from more than 1.15 lakh investors.

The Senior Divisional Manager said that a satellite office had been functioning in Chengam near Tiruvannamalai. Five more such satellite offices would be opened in Villianoor in Puducherry, Sankarapuram, Ambur, and Kattumannarkoil and in a village near Vellore.

Referring to settlement of claims, Mr. Balakrishnan said that last year Rs.153 crore was disbursed under claims on maturity of policies to over 1 lakh policy holders. A total of Rs.36 crore was disbursed under death claims to 4,337 policies.

Facilities had been introduced now to enable the policy holders to remit premium payment through ATMs of Corporation Bank and UTI Bank. Around 3,000 additional agents would be appointed in the division during the next two months.

LIC branch manager (Anna Salai) S. Sougoumarane said that the first premium payment mobilised last year here was Rs.31 crore from 36,000 new policies. Earlier, Zonal Manager (Southern Zone) B. Manivannan had reviewed the performance of the branches in Tamil Nadu, Puducherry and Kerala.

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