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| The company, was in its second year of operations as of March 31, 2003, has done a new business of 10,976 policies last year, out of which 34.62 per cent or 3,800 policies were sold in rural areas.
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| The company has also covered 7,500 lives in the social sector. However, its new business premium was just Rs 5.05 crore during the year.
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| According to the Insurance Regulatory and Development Authority (Irda) guidelines, private sector players are required to underwrite seven, nine and twelve per cent of the policies in the rural sector in the first, second and third year of their operations, respectively.
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| MetLife, another Bangalore-based private insurer that has also completed two years stands second in fulfilling the rural obligations by underwriting 2,916 policies out of the 11,227 new policies done for a premium of Rs 6.2 crore last year.
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| In other terms, the company sold 26 per cent of its policies in rural areas. However, it covered just 851 lives in the social sector. Allianz Bajaj was the third ranker with 16.7 per cent of its policies (19,368 policies) coming from the rural areas. The company underwrote 1,15,964 policies last year and earned a premium of Rs 53.78 crore.
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| Aviva was the only player which could not fulfill its rural obligation by just selling 96 policies out of 17,023 new policies it underwrote last year.
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| Last year was its first year of operation and the company was required to sell seven per cent of policies to rural people.
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| It could cover only 2,370 lives in social sector against the stipulated 5,000.
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| ICICI Prudential, the leading among the private player in terms of business volumes could fulfill its 12 per cent rural obligation by selling 29,376 policies to rural folk. HDFC Standard, Max New York too could succeed in reaching the 12 per cent mark with 15,352 and 9,345 policies, respectively.
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| Birla Sun Life and OM Kotak did well exceed with 16.09 per cent (10,422 policies) and 15.78 per cent (5,169 policies) respectively. Tata-AIG could cover 11,825 lives in social sector and sold 9,137 policies in rural areas, out of its total new business of 91,487 policies.
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Public sector Life Insurance Corporation of India was required to underwrite rural business not less than that underwritten in FY
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