LIC Thanjavur targets Rs 323cr first premium

The Thanjavur division of Life Insurance Corporation of India (LIC) is targeting to sell 4.08 lakh policies, thus eyeing a net first premium collection of Rs 323 crore.

Speaking to Business Standard, K Rajivan Nair, senior divisional manager, LIC, Thanjavur, said the division sold 3.70 lakh new policies during the year ended March 31, 2006, earning an income of Rs 248.96 crore through first premium collection.

The division was ranked third among the eight divisions in the south zone in both number of policies sold and the first premium collection, he added.

Though there were no proposal to open any new branch this year, he said plans were afoot to open a Satellite Sampark Branch Office (SSBO) at Manapparai, under Kulithalai branch.

Manapparai SSBO would execute all the requirements of the policy-holders with minimum staff infrastructure. The office would be commissioned in three months, he added.

The division is also planning to introduce a scheme of recruiting 100 career agents at the Thanjavur and Trichy branches. Under this scheme, the two branches would be converted into exclusive career agents' outfit and would be commissioned by July-end, Nair said.

Nair also said that claim settlement was cent per cent in the division, during the last year. Survival benefits to 96,166 policies were disbursed as per maturity. This year, the settlement amount would exceed Rs 200 crore, he added.