Insurance Week Celebrations
The Life Insurance Corporation of India will become a paperless office in one year once its ongoing computerisation works get completed, said R. Palaniswamy, Senior Divisional Manager, Coimbatore, on Monday.He was talking to reporters on the occasion of Insurance Week celebrations being observed from September 1 to 7. Mr. Palaniswamy hoisted the corporate flag and administered insurance pledge to the staff at the Coimbatore divisional office.
The celebration was aimed at marking the 52nd year of the inception of LIC. As part of the celebration, the LIC was planning to provide wheel chairs and water tanks for Government schools and dialysis units for rural Government hospitals. The revenue of the LIC was being invested in the creation of infrastructure.LIC was world’s biggest insurer and the number of policies with LIC was over the population of almost all the countries excepting China, Indonesia, the U.S. and India. About 65 per cent of the recent policies sold by it were unit linked.
Nearly 25 lakh records were being scanned and computerised. The Coimbatore division comprising The Nilgiris, Coimbatore and Erode has 26 branches. For the convenience of policy holders, five satellite offices were opened recently and nine more were on the cards. The division had become the sixth in the country during the fiscal 2007-2008 by selling 4.75 lakh policies netting a first premium income of Rs. 722 crores. In 2007-08, maturity claims of 1,07,950 policy holders were settled amounting to Rs. 260.50 crore and 97.55 maturity claims were settled prior to maturity with dated cheques, he said.
Before March 31, 2009, the division was making arrangements to appoint 6,000 more agents.During the current fiscal, the division had so far sold 1,13,000 policies netting Rs. 118 crore first premium income. Under the Bima Gram scheme, 30 villages would be provided with Rs. 25,000 each and 100 schools would get Rs. 2,500 each under the Bima Schools programme.During the current fiscal, the LIC had fixed a target of roping in 6 lakh new policy holders netting a first premium income of Rs. 1,000 crore, he said.
