| Addressing a press conference, R R Nair, south zonal manager, LIC, said, "The premium income is estimated to be around Rs 70,000 crore and investment income at about Rs 30,000 crore in 2003-04 (Rs 20,000 crore). The asset is expected to be around Rs 3,50,000 crore." |
| The fresh premium income during 2003-04 is expected to be around Rs 18,284 crore (Rs 11,335 crore) including Varistha Pension Bima Yojana, he said. |
| Nair said, "South zone has topped among the seven zones in premium income garnered. The total income grew by 30.3 per cent to Rs 8,914 crore in 2003-04 compared with Rs 6,840 crore in the previous year." |
| Individual policies contributed Rs 6,603.76 crore, pension policies contributed about Rs 902.81 crore and group schemes accounted for Rs 768.27 crore to the total income. |
| Single premium policies' contribution to total income fell to Rs 178.39 crore in 2002-03 from Rs 232.76 crore over the previous year. This was due to government withdrawing the tax concessions given to the single premium policies. |
| The zone generated a surplus of Rs 3,814 crore as compared to Rs 2,761 crore in 2002-03 after settling all claims and liabilities and management expenses. The south zone includes Tamil Nadu, Kerala and the union territories of Pondicherry and Lakshadweep. |
| The number of policies settled was 10,35,401 with maturity and survival benefit claims for an amount of Rs 1,823 crore. |
| The zone had no outstanding maturity and survival benefit claims as on March 31. Death claims numbering 44,491 were also settled in 2003-04 for an amount of Rs 266 crore. |
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