LIC’s premium collection at Rs 1,221cr

Vadodara: The Vadodara division of the Life Insurance Corporation (LIC) of India has issued 1.35 lakh new policies in the last financial year.
Also, it has collected over Rs 1,221 crore worth premium from policy holders in the financial year 2017-18, which was a rise of 0.38 percent compared to the financial year 2016-17 when it had collected Rs 1,217 crore worth premium.

Senior divisional manager of Vadodara division of LIC Pradeep Kelkar said this while addressing media persons on Saturday on the occasion of LIC Day, which is celebrated every year on September 1.

“During the financial year 2017-18, our division had collected Rs 536 crore as first premium (premium from new policies) and stood sixth at all India level on absolute collection basis,” he said. “Also, our pension and group insurance wing had collected Rs 627 crore last year with second position at all India level,” he said.

In the current year, the division has collected Rs 145 crore premium in the conventional business and Rs 185 crore in pension and group insurance channel till date.

The division, which covers four districts, including Vadodara, Bharuch, Narmada and Chhota Udepur, has a network of 17 branch offices, including 10 in Vadodara city and seven others including Rajpipla, Ankleshwar, Bharuch and Bodeli among others. Besides, there are seven satellite offices. It provides insurance services with 8,000 agents and 1,100 employees.

As part of corporate social responsibility activities, the Vadodara division has donated a school bus to Spandan School, Karelibaug, for special children and around 133 students are getting scholarship.

“We are going to distribute ‘Student of the Year’ trophies to 450 students from class I to class X of 50 different schools of Vadodara city at a function held at Pandit Deendayal Nagar Gruh in the presence of district education officer. Our rural branches are also going to distribute the same during the insurance week,” he added.