Date:02/09/2006 URL: http://www.thehindu.com/2006/09/02/stories/2006090213831500.htm

Business

LIC launches Bhima Gold-2 in jubilee year

Special Correspondent

The Corporation has outperformed industry growth rate

— Paul Noronha

HALF-A-CENTURY: T. S. Vijayan, Chairman, LIC, addressing a press conference in Mumbai on Friday.

MUMBAI: Life Insurance Corporation of India (LIC) completed 50 years on Friday. To commemorate the event, the corporation introduced a new product, Bhima Gold-2, which will be launched on September 4.

Registering a growth rate of 182.26 per cent in premium income, LIC has earned a market share of 77.51 per cent, a gain of over 3.5 per cent by the end of July. "LIC has outperformed the industry growth rate of 177.44 per cent. In fact, the industry growth is largely due to LIC's growth in the current fiscal," said T. S. Vijayan, Chairman, LIC, here on Thursday.

The corporation's new premium stands at Rs. 10,381.57 crore showing a growth of 191 per cent as on August 15, 2006.

LIC has defined the world standard in the filed of Claim Settlement, said Mr. Vijayan. During 2005-06, LIC settled 1.18 crore claims for Rs. 28,512 crore, which incidentally is more than the number of policies in force taken together of all its peer companies in India. On an average, LIC settles 44,500 claims per working day, or to say, two claims per second. In spite of handling such a large volume 97 per cent of the maturity claims are settled on or before due date and in case of death claims 93 per cent of the death claims are paid within 20 days of intimation. "Our claims settlement record is better than the global standard," he added.