Chennai: “LIC India south zone has added around 40 lakh new policies in the financial year 2018 to 19,” said zonal manager, K Kadiresan. Addressing media persons here in the city, the manager said that south zone has in total 2.8 crore policyholders. Last year alone, the zone settled 7,06,965 claims and paid over Rs 4,151 crore. For 23,005 death claims, the zone has paid over Rs 3,334.41 crores.
LIC south zone celebrated its 63rd anniversary at LIC building, Anna Salai on Tuesday, since nationalisation of life insurance in India. Speaking during the occasion, Kadiresan said, “LIC has crossed many milestones in this significant journey. LIC has 4851 offices across the country with one lakh employees and 12 lakh agents. In the entire country, there are over 29 crores policies in force.”
The manager also revealed that in financial year 2018-19, LIC has settled a claim amount of Rs 1.63 lakh crores and the settlement ratio has been in 98.2 per cent in death claims and 92.9 per cent in maturity claims. “Despite many competitions in the market, LIC has a market share of 76 per cent and remaining with 26 companies. We are able to achieve this feat because we have people’s trust in settling the claims,” said Kadiresan. He added that LIC has invested around Rs 30 lakh crores in government and government securities.
When News Today asked reasons behind LIC’s investment to IDBI bank, Kadiresan said, “LIC is invested in almost everything in the market with the exception of banking. Now, we saw the opportunity and entered the banking.” The manager also informed that economic slowdown prevailing in the country is not affecting the LIC. “LIC southern zone is number one among the eight zones and ranks first in performance parameters. And we also transferred a surplus of Rs 20,000 crore during the last financial year due to our robust performance,” said Kadiresan.