Kerala   

LIC to take up infrastructure development project

KOCHI: Life Insurance Corporation’s Ernakulam division has taken up a project for construction of a library hall at Government Upper Primary School, Bheemanad, Mannarkkad, in Palakkad district. The project is being taken up under a scheme for infrastructure development from the LIC Golden Jubilee Foundation. The Foundation was established earlier this year. The major objectives of the foundation are to provide advancement of education, relief of poverty or distress, medical relief and advancement of any object of general public utility, according to J. Anilkumar, Senior Divisional Manager, Ernakulam Division of LIC.

The Foundation had been created with an initial corpus of Rs.50 crore with a provision that Rs.10 crore would be infused every year for the next five years taking the total corpus to Rs.100 crore. The Mannarkkad project is the first of its kind to be funded by LIC in Kerala under the scheme. A few more projects were under the consideration of LIC.. The Ernakulam division has retained the top spot in new business in first premium collection with Rs.800 crore among the 105 divisions in the country. The division has sold 3,67,239 policies during current year. Having crossed 80 per cent of its targeted budget of Rs.955 crore in first premium, the division has now set an ambitious target of Rs.1,500 crore for the first premium income for the current fiscal.

Mr. Anilkumar said Unit Linked Insurance policies had been sold in large numbers in the division. It could sell 2,56,267 ULIP policies for a total premium collection of Rs.765.53 crore. The lion’s share of the premium had come from Market Plus, the most popular unit linked product. The division could collect Rs.593.56 crore of first premium through Market Plus. Answering questions, he said LIC’s health insurance products were awaiting IRDA’s approval.

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