The life Insurance Corporation (lIC) is going to close its major selling policies like the Jeevan Anand, Jeevan Ankur, Jeevan Saral to name a few from September 30, 2013.
A notification has already been issued in this regard and our major selling policies are going to be closed by September 30, 2013 said Shivendra Kumar, Senior Divisional Manager, Haldwani. Now, the lIC will be launching its new insurance policies from October with new guidelines. We have to be prepared to take on the new market challenges under the new guidelines, Kumar added.
It is worth mention here that the lIC has already started levying service tax on some insurance policies. As it is believed lIC’s new insurance policies which are going to be introduced from October 2013, will be offered with service tax. In this case it is to be seen how the premier insurance company is going to compete with other insurance companies in the market. However, as Kumar maintained, even after entry of private insurers for over a decade in the insurance sector, the lIC continues to be the frontrunner in the industry in terms of market share. Today, we have over 29 crore policy holders with life fund to the tune of Rs 14,33,103.14 crore and has assets of over Rs 15 lakh crore.
In the meanwhile, the lIC sold 367.82 lakh policies during the year 2012-2013 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 76,245.64 crore i.e. 71.25 per cent of the market share, Kumar further said. Similarly, in the pension and group schemes, new lives insured were 304.61 lakh under conventional business and 132.24 lakh lives under social security schemes, he added.
In the meanwhile, 183.63 claims amounting to Rs 74,077.84 crore were settled during the year 2012-2013. Besides, 88.08 per cent of non early death claims were also settled within 15 days of intimation during the same period i.e. 2012-2013., the official concerned claimed. At the same time in a bid to mark its 57th anniversary, the lIC, Haldwani also launched Insurance Week here from Monday. Senior Divisional Manager Kumar inaugurated the Insurance Week here on Monday.
Among others senior officials of the lIC Haldwani including B S Pangti, P S Rana, J S Bonal, B C Joshi, G C Nainwal were also present on this occasion.