The Coimbatore division of LIC has received good response to its lapsed policy revival drive, as nearly 30 to 40 per cent of policies have been revived in the first three days of the campaign, a top official said today.
The Lapsed Policy Renewal Campaign was launched on August 16 and within three days, about 30 to 40 per cent of the policies were revived, M Ravikumar, Senior Divisional Manager, Coimbatore division, told reporters here.
Apart from giving the policy holders a lifeline, LIC is also offering a late fee concession, ranging from Rs 1,000 to Rs.2,500, depending on premium overdue, he said, adding,e campaign will be closed on November 15.
When asked about settling the claims, Ravikumar, who launched LIC's new Jeevan Rakshak Plan, said there was no pending claims as such.
"We paid Rs 654 crore towards settlement of claims last year. The number of death claims stood at 7,800 and the sum settled thereof was at Rs 6.1 crore," he said.
On performance of the division, comprising four districts of Coimbatore, Tirupur, Erode and Nilgiris, the official said new premium target has been fixed at Rs 350 crore, as against Rs.320 crore for last year. The division has done new business of Rs 70 crore in the first three months of this fiscal.
The division, having 26 branches and 40 satellite offices, is targeting to sell one lakh Jeevan Rakshak policies this fiscal, he said.
Jeevan Rakshak is a non-linked, non-medical plan, with a low premium high benefit plan, designed to cater to the insurance needs of all segments and those in age group of 8 and 55 are eligible to avail this policy, he said.
The plan is available for a minimum sum assured of Rs 75,000 and in multiples of Rs.5,000, thereafter, subject to a maximum of Rs 2 lakh, Ravikumar said.
