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| 'LIC commands 80 percent of market share in new policies' | | | EARLY TIMES REPORT
KISHTWAR, Sept 4: Zonal Manager, Northern Zone, AP Singh has said that Life Insurance Corporation (LIC) is in service of nation since 1956. Addressing a press conference, Singh said that one of the objectives of the Corporation is the use of people's money for people's welfare and the life funds are deployed for the best advantage of LIC policyholders as well as for the community. He further informed that a new micro insurance product 'Jeevan Deep' was launched on September 1.
Singh said that during 2011-12, 357 lakh policies were sold commanding 80.9% of the market share of new policies issued and its total first year premium income was pegged at more than Rs. 81514.49 crore including Rs. 38955. 06 crore of premium through Pension and Group schemes i.e. 71.36 % of the market share. In Pension and Group sche-mes, new lives insured were 284.12 lakhs under conventional business and 94.44 lakh lives under social security schemes.
In the year 2011-12, 185.7 lakh claims amounting to Rs. 66022.82 crore were settled. 93.19% of total maturity claims were settled on or before the date of maturity. 94.34% of non-early death claims were settled within 15 days of intimation.
The outstanding maturity claims ratio is as low as 0.5% and the outstanding death claim ratio is 1.22%. Total payments to policyholders aggregated to Rs. 112,911. 82 Crore, he added. |
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