LIC meets 50 pc target in AP,Karnataka

With only seven weeks left for the end of the current financial year, LIC's south-central zone, has achieved only close to 50 per cent of its target. LIC's south central zone covers both the Andhra Pradesh and Karnataka markets.

The zone could sell 22.93 lakh policies till January 15 against a target of 43.32 lakh policies for the full year. The south-central zone did business for a sum assured of Rs 15,720 crore and collected a premium income of Rs 570 crore.

The zone is targetting a sum assured of Rs 31,500 crore for the full year, and Rs 1,225 crore as first year premiums in the current financial year.

During the last financial year, the zone did a business of 37.89 lakh policies for a sum assured of Rs 24,667 crore and Rs 1,052 crore of first year premium income which included individual assurances, single premiums and pension plans. The zone was ranked third among the seven zonal offices of the corporation, in terms of volume of policies during the period.

"Generally about 60 per cent of our first premium income and over 50 per cent of the number of policies are sold during the last quarter of any financial year. This year too we expect the same trend to continue," L K Dash, the zonal manager of LIC, said at a press conference today.

Under the pension and group schemes, the zone insured 4.76 lakh lives with a premium income of Rs 298.73 crore during the year till January 15, which is a 330 per cent growth compared to the corresponding period last year.

"There is a great demand for the unit-linked insurance plans in the market now, which the private insurers are cashing in on. We have only one plan in this category "" Bima Plus "" which is giving annualised returns in the range of 25 to 38 per cent since inception depending upon the investment option chosen by the investor. We are targeting to sell 2.16 lakh Bima Plus policies in the current fiscal," Dash said.

Jeevan Anand is another plan which is picking up fast. So far, the zone sold 2.19 lakh policies this year and targeting 12 lakh policies for the full year, he explained. Under the Bima Gram concept, the corporation has so far declared more than 220 villages as Bima Grams.

The corporation selects such villages as eligible for the programme, wherein 80 per cent of the households are insured with LIC. It has also declared 29 schools as Bima Schools and intends to declare 250 schools as such by end of the year.

Under the Bima School programme, the corporation provides financial assistance ranging from Rs 2,500 to Rs 10,000 depending upon the number of parent lives covered by the corporation in a particular school.