The Hindu : LIC south zone's feat

Online edition of India's National Newspaper
Tuesday, Jul 15, 2003

Business

Business

LIC south zone's feat

By Our Corporate Reporter

CHENNAI JULY 14. The south zone of Life Insurance Corporation of India has reported 23 per cent growth in its premium income to Rs. 5,982 crores in the year ended March 31, 2003 from Rs. 4,907 crores in the previous year despite the 18 per cent shrink witnessed by the industry as a whole according to R. Ramachandran Nair, Additional Zonal Manager, LIC (South Zone). Addressing presspersons here today, after introducing the `Varishtha Pension Bima Yojana', a scheme for citizens aged 55 years and above, he said the zone had generated a surplus of Rs. 2,757 crores in 2002-03 against Rs. 2,260 crores in the previous year.

In the three months ended June 30, 2003, the zone had issued 3.99 lakh policies for a sum assured of Rs. 2,839 crores and collected Rs. 93 crores of first premium income. The zone has covered 30,800 lives and Rs. 30.24 crores premium income through group schemes and 24,000 lives under social security schemes during the three months ended June 30, 2003.

For the current year, the zone had budgeted for 35.75 lakh new policies for a sum assured of Rs. 30,334 crores and a first premium income of Rs. 1,199 crores, Mr. Ramachandran Nair said.

Highlighting the benefits of Varishtha Pension Bima Yojana the manager said an investment of Rs. 1 lakh would fetch a pension of Rs. 9,381 annually or Rs. 750 a month. The minimum single premium (premium to be paid in one lumpsum) would be Rs. 33,335 and the maximum Rs. 2.77 lakhs and these will vary under different modes of annuities, he said. The scheme evoked good response within hours of launch in Chennai.

The south zone has targeted Rs. 500 crore premium collections through this product, zonal manager said.

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