LIC launches new micro insurance policy

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Follow us:WhatsappFacebookTwitterTelegram.cls-1{fill:#4d4d4d;}.cls-2{fill:#fff;}Google News‘Jeevan Deep’, a new micro insurance policy, was launched by the Life Insurance Corporation of India here on Saturday to mark the corporation’s 56th anniversary.It is the third micro insurance, endowment assurance plan from LIC which has guaranteed additions and loyalty additions, if any, primarily targeted at the lower income groups.Explaining features of the new scheme, South Central Zone manager AK Sahoo said the scheme offers various modes of premium payment and has death benefit, maturity benefit and auto cover facility.Further details of the scheme can be had from website www.licindia. in.LIC targets to procure five lakh policies under the scheme in the current fiscal year. Sahoo said that it was on September 1, 1956 that LIC was set-up and is celebrated as LIC Day. The first week of September as Insurance Week every year.He said LIC is the largest insurance company in the world with a customer base of 31 crore and a market share of 74 percent in policies and 80.56 percent in premiums though there are 23 players in the market.‘’The corporation, which had a Rs 112-crore income in its year of launching, had an income of Rs 2 lakh crore last year. Its average daily collections stand at Rs 1,000 crore and settles a minimum of three claims per second. Its total assets now stand at Rs 14.77 lakh crore,’’ Sahoo said.In the South Central Zone, he said a business of 54.58 lakh policies with a premium of Rs 4.5 crore was done in 2011-12. Andhra Pradesh has 56 percent share in the business of the zone.Girl Child Protection, Abhaya Hastam, Aam Admi Bheema Yojana and Janasri Bheema Yojana are some of the popular schemes. Under the Girl Child Protection scheme in AP, 4,77,510 girls were covered and 44.55 lakh people under Abhaya Hastam.first published:September 02, 2012, 09:23 ISTlast updated:September 02, 2012, 09:23 IST
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‘Jeevan Deep’, a new micro insurance policy, was launched by the Life Insurance Corporation of India here on Saturday to mark the corporation’s 56th anniversary.

It is the third micro insurance, endowment assurance plan from LIC which has guaranteed additions and loyalty additions, if any, primarily targeted at the lower income groups.

Explaining features of the new scheme, South Central Zone manager AK Sahoo said the scheme offers various modes of premium payment and has death benefit, maturity benefit and auto cover facility.

Further details of the scheme can be had from website www.licindia. in.

LIC targets to procure five lakh policies under the scheme in the current fiscal year. Sahoo said that it was on September 1, 1956 that LIC was set-up and is celebrated as LIC Day. The first week of September as Insurance Week every year.

He said LIC is the largest insurance company in the world with a customer base of 31 crore and a market share of 74 percent in policies and 80.56 percent in premiums though there are 23 players in the market.

‘’The corporation, which had a Rs 112-crore income in its year of launching, had an income of Rs 2 lakh crore last year. Its average daily collections stand at Rs 1,000 crore and settles a minimum of three claims per second. Its total assets now stand at Rs 14.77 lakh crore,’’ Sahoo said.

In the South Central Zone, he said a business of 54.58 lakh policies with a premium of Rs 4.5 crore was done in 2011-12. Andhra Pradesh has 56 percent share in the business of the zone.

Girl Child Protection, Abhaya Hastam, Aam Admi Bheema Yojana and Janasri Bheema Yojana are some of the popular schemes. Under the Girl Child Protection scheme in AP, 4,77,510 girls were covered and 44.55 lakh people under Abhaya Hastam.