LIC Vizag takes up mega housing project for policyholders

Life Insurance Corporation of India (LIC), Visakhapatnam division, has decided to take up a mega housing project for its policyholders at Visakhapatnam.

"The construction works of the proposed project will start from March 2005 and the project would be completed by March 2007. The estimated cost of the project is around Rs 8 crore," said S Behara, senior divisional manager, LIC.

"A total of 104 flats (67 two-bedrooms and 37 three-bedrooms) will be constructed and the flats would be allotted to LIC policyholders through lottery," he said.

"LIC is planning to take up such projects on the outskirts of Visakhapatna. Kkeeping this in mind, we have asked the Visakhapatnam Urban Development Authority (Vuda) to allot land in three-four places to build mega housing projects on a no-profit-no-loss basis for our policy holders," Behara said.