Industry & Economy
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Natural Calamities
LIC expedites settlement of claims over tsunami casualties
Our Bureau
Thiruvananthapuram
,
Jan. 21
THE Thiruvananthapuram Division of Life Insurance Corporation of India (LIC) has set up a special system for processing claims in the tsunami-affected areas of Kerala.
Addressing a press conference in the city on Thursday, Mr J. Anil Kumar, Senior Divisional Manager, LIC, said the company has waived many of its usual claim settlement procedures while dealing with tsunami victims in the State.
Claims were being settled in a very short time; generally in 24 hours, he added.
The company has established a help-desk to deal with all aspects of claims resulting from the effects of the tsunami, he said. The Thiruvananthapuram division has, so far, settled 12 tsunami-related claims, he added. The division has also created a record when it exceeded its first premium income target for the current financial year by December 31, 2004. This is the first time in the company's history that a division has achieved its first premium income target in nine months, he said.
First premiums are those collected from the sale of new insurance policies, he said. Against a first premium income target of Rs 94.1 crore for fiscal 2004-05, the Thiruvananthapuram division had collected Rs 100 crore by the end of December 2004.
Sales of the company's `Bima Plus' product helped the division achieve its target, he added. Based on its performance so far, the Thiruvananthapuram Division seems set to collect around Rs 160 crore as first premium income in 2004-05, he said. The Thiruvananthapuram division has also developed alternative distribution channels through partnerships with various banks and institutions. It recently tied up with Cooperative Insurance Society and Kerala Vyapari Vyavasaya Samiti for distribution of insurance products.
As part of its customer service initiatives, the company has now made it possible for its policyholders in Thiruvananthapuram to pay premiums online, through ATMs of Corporation Bank and UTI Bank and also by using the electronic clearing service option, said Mr Anil Kumar.
The company has recently launched a group insurance scheme for employees of the Kerala State Electricity Board, he said. Also on the cards are insurance schemes for milk producers and anganwadi workers, he added.
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