LIC Karimnagar division senior divisional manager Y. Venkateshwarlu said they have conveyed to the LIC zonal office the judgment by the Karimnagar District Consumer Forum on the payment of insurance amount to policy-holders of micro insurance policies—Jeevan Mathur and Jeevan Mangal—in the district.
It may be recalled that several innocent villagers were cheated by a voluntary organisation that collected money from the people after issuing micro insurance policies to them, but failed to remit the same to the LIC. Following a compliant lodged with the Karimnagar District Consumer Forum by the victims, the court directed the LIC to pay the insurance amount along with nine % interest and ₹3,000 to each policy-holder.
Talking to newsmen here on Friday on the occasion of LIC Insurance Week celebrations, Mr. Venkateshwarlu said they had written to LIC zonal office about the court judgment.
He said the LIC had entrusted the NGO with collecting the insurance money from the policy-holders and deposit the same with the LIC.
Briefing about the LIC Insurance Week Celebrations launched by Municipal Commissioner K. Shashanka on Friday, he said they have organised several programmes to educate people on the importance of an insurance scheme.
LIC Insurance Week
WARANGAL URBAN DT Special Correspondent adds: The Warangal division of LIC of India has earned ₹189 crore against its target ₹179 crore last year and is one among the top ten divisions in the country, said Warangal senior divisional manager A.K. Routray.
Launching the LIC Insurance Week celebrations on the occasion of its 61st anniversary here on Friday, Mr. Routray said the division earned ₹1,450 crore and distributed ₹750 crore towards claims last year. It achieved 1.3 lakh new policies and a total number of policy-holders in the division now were 20 lakh. The market share of the LIC in insurance sector was over 70 %, he said.
As part of the week-long celebrations, the LIC would organise a mega free health camp at Arts College on September 2, drawing and elocution competitions for school students on Sept. 4, blood donation camp at its office on Sept. 5, quiz programmes for its employees on the same day and valedictory on Sepember 7 at Ashoka hotel.