Financial Daily from THE HINDU group of publications
Friday, Feb 15, 2002
Financial Daily from THE HINDU group of publications Friday, Feb 15, 2002 |
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Money & Banking
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Life Insurance A chapter closes Dinesh Narayanan
MUMBAI, Feb. 14 IT had to be the inevitable. Life Insurance Corporation (LIC) has lost its last client in Sri Lanka to the risk (the biggest and most certain of them all) it covers — death. Shantilal Chandulal Banker died about a month ago severing LIC's last "customer-connection'' dating back to the pre-nationalisation days. Shantilal Banker took out a policy (no. 1919034) in his son's name on August 29, 1955. The sum assured on the whole life policy was 10,000 Sri Lankan rupees. The son, Jitendra Shantilal Banker, who was just 16 years old then, now lives in California. The corporation has written a letter to Jitendra Banker but has not received any reply so far, according to Mr T.K. Banerjee, Executive Director, Marketing and International Operations, LIC. Mr Banerjee said the policy would be alive till August 29, 2024, or until the death of Jitendra Banker.
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