LIC eyes Rs 795 cr collection from Chandigarh division
PTI | 05:09 PM,Sep 03,2010Chandigarh, Sep 3 (PTI) Life Insurance Corporation of India's (LIC) Chandigarh division is eyeing an over 20 per cent growth in collection from first premium and pension products at Rs 795 crore in the current fiscal. "We are looking at collection of Rs 645 crore from new premium and Rs 150 crore from pension products in this fiscal," LIC (Chandigarh Division) Senior Divisional Manager Raghupal Singh told reporters here today. The Chandigarh division looks after 20 branches spread in various districts of Punjab and Chandigarh itself. LIC collected Rs 503 crore from premium and Rs 147 crore via pension in last fiscal. During the first five-months of current fiscal, LIC posted growth of 114 per cent in terms of premium collection at Rs 292 crore by selling 1.10 lakh policies. Singh said that the division collected highest-ever- premium income in August this year at Rs 115 crore, against the average collection of Rs 50 crore. LIC has also set up a centralised office called Metro Area Service Hub (MASH) at Zirakpur in Punjab, aimed to render better services to customers. "Mass scale of operations like distributing cheques, premium intimation etc. would now be done by MASH, which will bring efficiency in services," he said. LIC has 33 such offices across the country. On claims front, Chandigarh division has settled 47,502 maturity cases amounting to Rs 122.34 crore and 2092 death claims of Rs 20.71 crore till July this year, as against maturity cases of Rs 113 crore and death claims of Rs 17 crore, he said. PTI CHS GS
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