The Visakhapatnam division of Life Insurance Corporation of India has secured top position in the zone comprising Andhra Pradesh, Telangana and Karnataka in the number of new policies by collecting ₹115 crore towards first premium during the first five months of current fiscal, LIC Senior Divisional Manager said here on Thursday. He said on Thursday that they had occupied 12th rank among all the divisions in the country.
As on Thursday, the division had secured 31 lakh policies. Their target for current financial year is ₹384 crore of first premium and securing 2.90 lakh policies.
LIC has 112 divisions in the country with 29 crore policy-holders and 11 crore group insurance policies. The Visakhapatnam division consists of 20 main branches and 11 satellite branches spread over Visakhapatnam, Vizianagaram and Srikakulam districts.
He said under LIC Golden Jubilee Fund, formed part of CSR activity in 2006 had sanctioned ₹40 lakh to Sankara Hospital, Vepagunta, a hospital at Sompeta ₹18 lakh and Akshya Patra Foundation ₹9 lakh.
Mr. Ramesh Babu said while fulfilling the objective of spreading the concept of insurance in the nook and corner of the country LIC had remained a dominant organisation despite private competition with 98.34% maturity claims and 99.63% death claim settlements last year.
He said the division had settled 52,000 claims by direct benefit transfer (DBT) so far for an amount of ₹178 crore during the financial year resulting in 85% of claim settlement. A total of ₹757 crore would be paid this year under 2.61 lakh policies towards maturity claims.
As part of insurance week celebrations, they would conduct various competitions among school students and others on awareness on insurance and hold interactive meets at the office of the policy-holders.
LIC Manager (marketing) S. Thomas and Manager (Customer Relationship Management) D. Suryanarayana were present.