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The Life Insurance Corporation of India has launched a drive to revive 7.5 lakh lapsed policies.
“We are also relaxing some of the norms for revival, including waiver of interest up to Rs 2,000,” A. K. Sahoo, Zonal Manager, South Central Zone of LIC, told newspersons here Monday.
The drive will continue up to October 31, 2013. “We have sent letters to 7.5 lakh customers and expect them to respond positively,” he added.
On the performance of LIC, which completed 57 years of service as on September 1, 2013, Sahoo said, even after competing for 13 years with many private life insurers, it now had 74 per cent and 82 per cent market share in terms of premium and policies, respectively.
“The South Central Zone comprising Andhra Pradesh and Karnataka are doing very well and plans like Jeevan Anand and Bachat are driving growth and we are in the first position in the entire country in these products,” he said.
For the current fiscal, the zone had set a target of collecting Rs 11,000 crore in new business premium. Asked how this could be achieved as it could do only Rs 1,000-crore business till now, he said: “Insurance business could pick up any time and we are doing very well in some segments.”
naga.gunturi@thehindu.co.in
Source: thehindubusinessline
“We are also relaxing some of the norms for revival, including waiver of interest up to Rs 2,000,” A. K. Sahoo, Zonal Manager, South Central Zone of LIC, told newspersons here Monday.
The drive will continue up to October 31, 2013. “We have sent letters to 7.5 lakh customers and expect them to respond positively,” he added.
On the performance of LIC, which completed 57 years of service as on September 1, 2013, Sahoo said, even after competing for 13 years with many private life insurers, it now had 74 per cent and 82 per cent market share in terms of premium and policies, respectively.
“The South Central Zone comprising Andhra Pradesh and Karnataka are doing very well and plans like Jeevan Anand and Bachat are driving growth and we are in the first position in the entire country in these products,” he said.
For the current fiscal, the zone had set a target of collecting Rs 11,000 crore in new business premium. Asked how this could be achieved as it could do only Rs 1,000-crore business till now, he said: “Insurance business could pick up any time and we are doing very well in some segments.”
naga.gunturi@thehindu.co.in
Source: thehindubusinessline
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