LIC rakes in big moolah with Jeevan Shree

Posted: Saturday, Feb 02, 2002 at 0000 hrs IST
Updated: Saturday, Feb 02, 2002 at 0000 hrs IST

Font Size

Feedback

Discuss

Birla Sun Life MF AUM up 68 per cent IRDA to stick to Nov 1 deadline on disclosure norm...LIC market share rises to 66 %

New Delhi, February 1:: Imagine making a haul of Rs 1,800-2,000 crore in a fortnight... The Life Insurance Corporation (LIC) has done just that since announcing withdrawal of its seven-year-old Jeevan Shree policy. One LIC division alone raked in Rs 25 crore against this policy on Thursday, the last day that the scheme was in operation.

It isn’t as if the returns being offered on this cover were very high; quite the opposite. Indeed, it was among the higher-premium products with relatively low returns compared to some other policies, and had failed to attract investor fancy. However, in the last fortnight the corporation’s sales force seems to have gone into overdrive and mopped up an amount nearly 20 per cent of the total first premium collection LIC had reported uptil end of December, 2001, of a record Rs 10,000 crore-plus.

While the seven zones of LIC may throw up somewhat different figures, zonal manager (north) C M Bhargav confirmed that the last 15 days had seen Rs 301 crore in first premium income — almost all of which he conceded could be attributed to Jeevan Shree.

This whopping figure has helped the zone achieve a 109 per cent growth in premium income over the corresponding 10-month period.

LIC on Friday also launched Jeevan Anand, the first combined endowment and whole-life policy from its stable. As per its terms, a policy-holder would get the sum assured on maturity and the accumulated bonus. The policy would continue without the need to pay further premium, and the nominee would receive the same sum assured on expiry of the insured. LIC has also relaunched three of its earlier products with returns ranging between 6 per cent and 8.5 per cent against the earlier 9 per cent to 12.7 per cent.

Post Comments

Comments: (Limit 3,000 characters)

Name		Message
Email ID
Subject

TERMS OF USE:
The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).

I agree to the terms of use.