LIC settles 300 claims under Rythu Bandhu
Life insurance coverage was paid to nominees of nearly 300 individuals under the Rythu Bandhu Bima Scheme RBBS ever since its launch on August 14,...
Hyderabad: Life insurance coverage was paid to nominees of nearly 300 individuals under the Rythu Bandhu Bima Scheme (RBBS) ever since its launch on August 14, 2018. Talking to reporters, T C Susheel Kumar, Zonal Manager, Life Insurance Corporation of India (LIC) who was here in Hyderabad to share LIC’s achievements, said: “Rythu Bandhu Group Life Insurance Scheme launched on August 14, 2018 in Telangana now has more than 27.90 lakh members. The scheme provides life insurance cover of Rs 5 lakh to every eligible Pattadar identified and registered by the Department of Agriculture, Government of Telangana.”
He went on to add, “LIC has made all arrangements to run the scheme on electronic basis to process the claims within a maximum turn-around time of 10 days.” LIC is also providing life insurance cover to Andhra Pradesh (AP) citizens for natural death and for accidental death for age group between 18-50, under two schemes – Chandranna BimaYojana & Chandranna Rythu Bima Yojana under PMJJBY/PMSBY as part of social security to various identified segments.
The total numbers of lives covered are to the tune of Rs 2 crore. Each member is covered for Rs 2 lakh life insurance for natural death and Rs 2 lakh for accidental death for age group between 18-50 years. Stating that LIC’s Hyderabad zone settled above 99 per cent claims, Kumar said that during the FY 2017-18, the zone could register a claim settlement ratio of 99.87 per cent and 99.97 per cent on maturity claims and death claims respectively.
South Central Zone (SCZ) covers the states of Andhra Pradesh, Telangana and Karnataka. During the current financial year, SCZ has insured 1 crore lives on new business front (including lives insured under group schemes). SCZ’s total premium income during the FY2017-18 reached Rs.50,000 crore and the total number of individual policies serviced by this zone crossed 4.3 Crores as at March 31, 2018.