TN has 1.7 crore uninsured population

Chennai:

Life Insurance Corporation has set a target to reach out to nearly half of the 1.7 crore uninsured population in Tamil Nadu, according to LIC zonal manager T Sidharthan.

Addressing a press conference here along with regional manager (marketing) M Ravichandran and other officials, Sidharthan said that there are 2.5 crore uninsured population in Krala, Tamil Nadu and Pondicherry and LIC is planning to reach out to 50 per cent of these population.

Ravichandran said that in Tamil Nadu the target is to spread the awareness to about 50 per cent of the population while the target this year is to cover 50 lakh population.

“Till now, we have attained 25 per cent of the target and we will be able to attain the target of 50 lakh by the end of February next year,” said Sidharthan.

Interestingly, this comes in the wake of LIC celebrating its 57^th anniversary on Sunday. Interestingly, LIC is still the frontrunner in the industry despite the entry of various private players for over a decade.

Sidharthan said that during 2012-13, LIC sold 367.82 lakh policies, commanding 83.24 per cent of the market share of new policies issued and its total first year premium income was pegged at more than Rs 76245.64 crore, which is 71.25 per cent of the market share.

In pension and group schemes, new lives insured were 304.61 lakh under conventional business and 132.24 lakh lives under social security schemes. He said during the last financial year, 183.63 lakh claims amounting to 74077.84 crore were settled in 88.08 per cent of non-early death claims were settled in 15 days of intimation. The outstanding maturity claims ratio is as low as 0.53 per cent and the outstanding death claim ratio is as low as 1.04 pc.

He also said that LIC has widened premium payment channels both offline and online.