Life Insurance Corporation of India (LIC) has settled over 2.11 lakh claims during the 2009-10 fiscal amounting over Rs 53,954 crore.
Speaking to “The ET” here on the sidelines of opening the new office building of Bhubaneswar divisional office on Tuesday, LIC chairman T.S. Vijayan said at least 97.47% total maturity claims were settled on or before the date of maturity while 95.16 per cent of non-early death claims were settled within 15 days of intimation.
“LIC is fastest in claims settlement. Our outstanding claims – both maturity and survival benefit – ratio is just 1.13%. Similarly, our outstanding death claims stands at 1.41%,” Mr Vijayan said.
Stating that the LIC has grown by leaps and bounds in the challenging and dynamic phase of the life insurance industry, the Total Premium Income (TPI) for the fisal 2009-2010 was Rs01,85, 986 crore and gross total income stood at Rs 2,98,721 crore,” Mr Vijayan added.
To a query on the demand by LIC employees of Orissa for setting of a zonal office in the state, the chairman said the proposal was under active consideration and necessary initiatives would be taken in that regard once the zone achieve the targets of 45 lakh police holders. “Bhubaneswar office has 15 lakh policy holders. We hope to enroll 30 lakh more customers in the next couple of years,” he added.
The LIC employees of Orissa have been demanding for a zonal office because of the long distance of the present office at Patna in Bihar. Elaborating about the performance of Bhubaneswar division, Mr Vijayan said it procured 198385 policies and collected Rs 150.22 crore as first premium income.
“Bhubaneswar division is doing exceedingly well. Apart from good collection of first premium income, the divisional settled 104209 of claims and paid Rs 174.48 crore towards claim proceeds. In the current fiscal, Bhubaneswar division has target of 24, 0000 policies and Rs 190 crore first premium Income,” he said.