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Hyderabad May 28 Life Insurance Corporation's South Central Zone, Hyderabad, has topped all divisions of the corporation in the generation of new business premium during the fiscal year 2006-07.

"The South Central Zone had collected Rs 5,968 crore of new business premium under 67.61 lakh of policies and occupied first position in the country," Mr S. Viswanathan, Zonal Manager (South Central), LIC, told newspersons here on Monday.

The new business premium had more than doubled during the last fiscal compared to Rs 2,345.9 crore in 2005-06.

The South Central Zone covers Andhra Pradesh and Karnataka. Among the 16 divisions of South Central Zone, Hyderabad, stood first with Rs 533 crore new business premium while Udupi topped in policies (5.69 lakh).

"We have performed well in alternate channels business. Andhra Bank had completed 66,815 polices in Andhra Pradesh and Karnataka for Rs 20.6 crore new business premium, followed by Corporation Bank with 8,422 and Rs 19.46 polices and new business respectively," he said.

Claims

On the claims front, the zone had settled over 14.63 lakh maturity claims and 1.08 lakh death claims during 2006-07 for Rs 4,268 crore.

Targeting customers who wish to go for insurance cover with low premium, LIC on Monday launched a term assurance plan.

"Our new plan, christened `Jeevan Amrit', is meant for those customers who want a long-term risk coverage with a premium period of three to five years," the zonal manager said.

Available for customers in the age bracket of 12 to 60 years, the policy would have a premium payment period between three and five years and offers full risk coverage after one year up to six months even if the premium is not received.

On maturity, the customers would get premium paid along with simple reversionary bonus and final additional bonus (FAB), while the sum assured, bonus and FAB would be paid in case of death of the policyholder, he said.

More Stories on : Life Insurance | Andhra Pradesh

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