LIC south zone garners Rs 2,056.82 crore income

Life Insurance Corporation of India (LIC), south zone, garnered a business income of Rs 2,056.82 crore during the period between April 2005 and February 2006, by selling 25.13 lakh policies.

The zone reported an 18 per cent growth in net premium income to reach Rs 8,835.1 crore, as on February 28, 2006 for the same period. The south zone includes Tamil Nadu, Kerala and Pondicherry.

Addressing mediapersons, G Prabhakara, zonal manager, LIC, said LIC's Bima Gold, which was launched in September 2005, accounted for 18 per cent of the sales of new premium income.

The Coimbatore division has so far earned a premium income of Rs 5.89 crore by selling 28,767 policies of Bima Gold and expects to touch one lakh policies in the next two weeks, according to G Sridharan, senior divisional manager of LIC. To mark LIC's golden jubilee, Bima Gold was launched on September 1, 2005. The policy will be closed on March 31, 2006.

LIC launched two new policies, namely 'Jeevan Tarang' and 'Jeevan Akshay', on Friday. 'Jeevan Tarang' is a whole life plan where life cover is available up to 100 years. This plan can be taken by a person below 60 years of age. The premium can be paid as a single payment or on yearly, half-yearly, quarterly or monthly basis for a fixed term of 10, 15 or 20 years.

Accident, critical illness and term assurance riders are available in this policy. Though the scheme is a whole life plan, the sum assured, along with the loyalty addition, will be paid when the policyholder completes 100 years of age. In 'Jeevan Akshay' series, the policyholder can invest in one lump sum and annuity payments will be made at regular intervals depending on the choice of the policyholder.

The annuity rates were increased by two per cent to eight per cent. The zone has so far settled over 8 lakh maturity claims amounting to Rs 1,540.38 crore as on February 28, 2006. Close to 97.8 per cent claims have been settled on or before the due date, he said.