The Hindu : Andhra Pradesh / Hyderabad News : State insurance must ensure prompt policy payment: YSR

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Monday, Jan 21, 2008
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Andhra Pradesh

Andhra Pradesh - Hyderabad

State insurance must ensure prompt policy payment: YSR

HYDERABAD: Chief Minister Y.S. Rajasekhara Reddy has asked the State government’s life insurance department to work out a scheme to ensure prompt payment of policy claims to subscribers. The department is implementing APGLI scheme to all Government employees and local bodies’ staff on mandatory basis.

Inaugurating the centenary celebrations of the department---which was started originally in 1907 by the erstwhile Nizam’s government as Family Pension Fund---Dr. Reddy said the delays in paying claims could be cut down through online transactions.

Bonus issue

Declaring that the Government would endeavour to ensure that the department provided better service, he assured the gathering that the plea for bonus to the staff would be examined if they were not covered by the Pay Revision Commission.

Finance Minister K. Rosaiah lauded the department for paying higher bonus than the Life Insurance Corporation of India (LIC).

D. Ravindranath, Director of the department, said all transactions like issue of policies, posting of premia, sanction of loans and settlement of claims were computerised. The premium receipts had increased from Rs.73.64 crore (2002-03) to Rs.165 crore (2006-07), while the fund balance went up from Rs. 907 crore to Rs. 1,392 crore during the four- year period.

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