The Hindu Business Line : LIC Ernakulam division tops in premium collection

HAVING collected a total of Rs 85.69 crore as first premium, the Ernakulam division of the Life Insurance Corporation of India has notched up the top spot among the 100 divisions in the country.

The division registered a growth of 18 per cent as on August 1 this year compared to the corresponding period last year. The major contribution (63.21 per cent) is from the Unit Linked Plan, Mr P. Venugopal, Senior Divisional Manager, said at a press meet here on Friday.

The target set for the current fiscal is 4.4-lakh policies and Rs 330 crore as first premium. The Ernakulam division, with 24 branches in Ernakulam, Thrissur and Palakkad districts, had crossed one-lakh policies as on August 30. The division had collected Rs 43-crore premium in August alone through various unit-linked policies.

LIC has tied-up with many banks such as Corporation Bank, UCO Bank, Allahabad Bank, Indian Overseas Bank, Dena Bank, City Union Bank, Andhra Bank, Central Bank of India, Oriental Bank of Commerce and the state-owned Kerala State Financial Enterprises.

A total of 10 banks and 37 corporates are doing new business for LIC in the division. An amount of Rs 76 lakh has been collected through 1,351 policies by alternate channels as on August 15, he said.

On the performance of LIC on national level compared to private insurance companies, Mr Venugopal quoting IRDA publication pointed out 90 per cent of the policies and 74 per cent of the total premium collections have been bagged by LIC as on July 31.

Speaking on the occasion, Mr S. Krishnakumar, Marketing Manager, said the division has settled survival benefits and maturity claims worth Rs 63.28 crore in 38,416 policies until July 31. The claims settlement ratio is 98.5 per cent. The death claims settlement amounts to Rs 7.4 crore in 1,071 policies up to July 31.

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