Life Insurance Corporation (LIC) of India, South Central Zone, has collected the highest-ever total premium of Rs.50,000 crore during the financial year ended March 31, 2018, registering a growth of 7 per cent compared to the year-ago period. The new business premium including pension and group insurance grew by 13 per cent. “The zone could procure a new business premium of Rs 5,574 crore covering 29.73 lakh policies under the conventional insurance segment during FY18. Similarly, the pension and group insurance segment procured Rs 15,552 crore covering 75.64 lives,’’ T C Suseel Kumar, Zonal Manager, said in a release issued here.
The zone, which comprises Telangana, Andhra Pradesh and Karntaka, secured a mega social security scheme (PMJJBY – Chandranna Bima) covering close to two crore lives during the year under review. The claim settlement was at 100 per cent with settlement of 10,000 claims a day on an average.
It settled 33.36 lakh maturity claims for Rs 12,458 crore and settled 1.44 lakh death claims for Rs 1,777 crore. The settlement ratios stand at 99.88 per cent and 99.97 per cent, respectively.