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Life Insurance Corporation of India (LIC)’s south central zone, which covers Telangana, Andhra Pradesh and Karnataka, is hopeful of achieving this year’s business target of Rs 4,850 crore by March, 2015.
As against the target of Rs 4,850 crore in terms of total business premium for the current year, the zone collected Rs 3,060 crore, or 63 per cent of the total target, by February. Last year, it collected Rs 3,800 crore.
“At LIC, usually 30-40 per cent of the underwriting of the policies happens in the month of March. Also the two new products, Jeevan Sangam and Children's Money Back Plan, are expected to help us in achieving the targets,” K Ganesh, zonal manager, told reporters on Wednesday.
The Jeevan Sangam which is based on the payment of a single premium in the entire policy tenure, is expected to get Rs 500-600 crore business. The children’s money back policy would be receiving a much higher response as similar plans announced in the past by the LIC proved very popular, he said.
The zone had settled claims worth Rs 18,700 crore under 2.5 million policies in the 11- month period ending February, 2015, of which death claims worth Rs 1,300 crore were settled under 128,000 policies during the period.
The LIC has 314 regular branches and 190 satellite offices in this zone.
