The Hindu : Other States / Orissa News : LIC moves to tap potential of Orissa

Online edition of India's National Newspaper
Sunday, Sep 02, 2007
ePaper

Other States

Other States - Orissa

LIC moves to tap potential of Orissa

Correspondent

CUTTACK: It’s not that only multinational private companies are now interested to pump in investments in Orissa, the public sectors too are finding it comfortable to invest in infrastructure and social sector developments of the state.

The Life Insurance Corporation (LIC) of India, the biggest player in insurance sector of the country has identified Orissa as one of its major destinations for investments looking at the various project proposals lined up in the state.

"A few years ago, the development proposals from the Orissa were not encouraging and hence the LIC’s share on assets and investments in nation building for the State was negligible. But now that the State holds a lot of promises, LIC has increased its investments in Orissa", said the senior divisional manager of Cuttack division of LIC Sidhartha Mohanty.

By the end of March 2007, LIC has already invested about Rs 4,010.86 crore in the State for its social sector developments including in power, drinking water and housing sectors.

A major chunk of these investments have come in during the past four to five years, Mohanty said hoping that the Corporate house would continue to repose its faith in the State.

He was speaking to newsmen here on Saturday on the occasion of ‘Insurance Week’ celebrations.

He said the Cuttack division of LIC ranked sixth among all the divisions of the country during last fiscal in terms of number of policies. The division sold 646,378 new policies for a sum assured of Rs 3852 crore and collected Rs 410.66 crore as first premium.

"LIC hopes to sell about 10 lakh new policies in the State ," Mohanty said.

Printer friendly page
Send this article to Friends by E-Mail

Other States