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LIC and two cooperative banks sign MoU

Special Correspondent

Cooperatives can help in providing insurance cover to rural masses: Joint Registrar

— Photo: M. Srinath

Joint efforts: P. Esakkirajan (second from left), Senior Divisional Manager, LIC of India, Thanjavur, exchanging the Memorandum of Understanding with M. Gunasundaram, right, General Manager, Kumbakonam Central Co-operative Bank, on Monday.

THANJAVUR: Cooperative sector can help in providing the insurance cover to the rural people, said K. Sivaji, Joint Registrar of Cooperatives, here on Monday.

Speaking after signing a Memorandum of Understanding between Thanjavur and Kumbakonam Central Cooperative banks and Life Insurance Corporation of India for taking insurance cover to rural areas, Mr. Sivaji said that with its vast network of 57 branches of the two central cooperative banks and ten urban cooperative banks which had also signed the MoU, could take insurance cover to all the members of the banks.

Five hundred Primary Agriculture Cooperative Credit Societies in the Cauvery delta districts of Thanjavur, Tiruvarur and Nagapattinam would also be roped into insurance business in the course of time, he said.

While cooperative institutions were now entering into non-credit business, the main aim was to reach insurance schemes to rural people, he added.

Earlier the MoU was signed by V. Jeyanthikumar, Regional Manager, LIC of India, Chennai, P. Esakkirajan, Senior Divisional Manager, LIC of India, Thanjavur and M. Anthonisamy John Peter, Special Officer of Thanjavur Central Cooperative Bank and M. Gunasundaram, General Manager, Kumbakonam Central Cooperative Bank.

Mr. Esakkirajan said that insurance itself had the basic concept of cooperation.

Improve business

Compensation was paid to the deceased policy holder’s relatives only from the premium paid by others. This itself was a cooperative concept. When cooperative sector joined LIC, business would improve. Besides business large number of people would be covered.

Mr. Jeyanthkumar said that insurance was a basic need next to food, clothes and shelter. It bridged the economic gap that rose out of the demise of a bread winner of the family.

LIC remained in the field of insurance for 50 long years now.

It did business using regular agents so far. Now banks and corporates had come to join hands as referral agents of LIC.

M. Manivel, General Manager, Thanjavur Central Cooperative Bank, A. Thangarasu, Marketing Manager, LIC of India, Thanjavur and Hema, Joint Registrar of Cooperatives, Nagapattinam district, participated.

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