The Visakhapatnam Division of Life Insurance Corporation of India (LIC) has bagged the first place in the volume of policies completed in the South Central Zone comprising three States—Andhra Pradesh, Telangana and Karnataka.
Announcing this during the 62nd Insurance Week Celebrations, here on Friday, LIC Senior Divisional Manager P. Ramesh Babu said the Visakhapatnam Division has 20 branches and 13 satellite offices in the three districts of Visakhapatnam, Vizianagaram and Srikakulam.
The division has achieved 2.70 lakh policies last year, with a record first premium income of ₹401.4 crore, the highest in the history of the division. “In the present fiscal, the number of policies completed so far have been put at 1 lakh when compared to the target of 3.14 lakh. The first premium procured so far has been ₹117 crore against the target of ₹450 crore,” Mr Ramesh Babu told the media.
Settlement of claims
The division settled 1.15 lakh claims through Direct Benefit Transfer (DBT) for an amount of ₹713 crore last financial year, achieving 100% settlement. As many as 12,839 death claims for the amount of ₹143 crore were settled last year.
“All branches across division and the divisional office will observe the insurance week from September 1. Customer meets, competitions for schoolchildren, presentation of trophies to meritorious students and other activities are being organised to spread awareness on life insurance and its benefits,” he said.