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LIC Vizag sells 2.60 L policies

The Visakhapatnam division of LIC sold 2.60 lakh policies during the 2016-17 fiscal and emerged at the top in the south central zone comprising AP, Telangana and Karnataka.

An official release said the division comprising of 20 branches and 11 satellite offices in Vizag, Srikakulam and Vizianagaram collected a first premium of Rs 381 crore and achieved the annual budget. Parvathipuram, Srikakulam and Palasa branches have sold more than 20,000 policies and occupy the top three positions in the zone.
Out of the 20 branches, 14 have crossed the 10,000 policy mark, the release added.
With regard to claims settlement, the division has achieved 100 per cent settlement and during 2016-17, 1.91 lakh maturity and survival benefit claims were settled for an amount of Rs 675.41 crore. Also, 13,724 death claims were settled amounting to Rs 130.05 crore. Under social security schemes, 1.25 lakh lives were insured during the 2016-17 fiscal.

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