Warangal LIC Division in top 10
Life Insurance Corporation (LIC) senior divisional manager AK Routray has said that LIC continues to be dominant life insurer even in the liberalised scenario of Indian insurance.
Hanamkonda: Life Insurance Corporation (LIC) senior divisional manager AK Routray has said that LIC continues to be dominant life insurer even in the liberalised scenario of Indian insurance.
Speaking on the occasion of LIC’s 61st Foundation Day at the divisional office here on Friday, he said that the corporation has grown strength to strength - be its customer base, agency network, branch office network and new business premium etc. He said that the LIC, which started with an initial capital of Rs 5 crore, now has assets worth around Rs 25 lakh crore. “During the 2016-17, the corporation has registered a growth of 27.22 per cent in the new business in terms of the first year premium,” he said.
In 2016-17, the LIC has settled 215 lakh claims amounting to 1.12 lakh crore besides settlement of 98.34 per cent maturity claims and 99.63 per cent death claims, he said.
On the other hand, Warangal Division, which consists of seven districts of the region, sold 1.30 lakh policies worth around Rs 189 crore premium in 2016-17. The Division which set a target of 1.60 lakh new policies worth around Rs 202 crore this fiscal, has so far sold 41,000 policies amounting to Rs 80 crore.
In 2016-17, the Warangal Division has settled 1.04 lakh maturity claims amounting to Rs 505 crore besides settlement of 8,060 death claims amounting to Rs 86 crore. Overall, Warangal Division is in the sixth position countrywide, Routray said. Ramji, Manager (Sales) and GKRV Ravi Kumar, Marketing Manager were present.