Life Insurance Corporation (LIC) has decided to allow its agents (selected) to collect renewal premium from the policyholders. The corporation also decided to allow senior agents to recruit and train new agents.
Speaking to reporters in Chennai B Manivannan, zonal manager, LIC – South Zone said that as part of the “Empowerment of Agents” initiative around 10,000 agents across the country have been selected to collect renewal premium by cash or cheque from any LIC policyholders. Of total number of agents selected, 1,000 agents are from south zone, which comprise of Tamil Nadu, Kerala and Puducherry. Agents who have qualified for LIC’s chairman club membership are eligible for this initiative, he added.
A payment of Rs 3 for every transaction will be paid by the corporation to these for collecting the premium from September 1.
Manivannan said, around 5,100 Chief Life Insurance Agents (CLIA), out of 1.2 lakh agents, are selected from the south zone who can now recruit and train agents for selling LIC’s products. Each CLIA can recruit upto 25 agents.
Speaking about zone’s performance Manivannan said during the current fiscal so far over 11 lakh policies were sold with a first premium income (FPI) of around Rs 1,320 crore. He noted, Ernakulam division, which comes under south zone, has topped in the country by collecting FPI Rs 177.09 crore, followed by Trivandrum with Rs 161.25 crore.
The zone has sold 635 pension and super group superannuation (P&G) policies covering 2,47,165 and with a collected premium of Rs 317.87 crore. Through bancassurance the zone sold 19,243 policies with a premium income of Rs 17.04 crore, he added.
South zone settled Rs 109.33 crore death claims during the current fiscal for 17,439 policies and number of maturity claims were 2,95,850 and amount settled was Rs 753.55 crore.
The Enterprise Document Management System (EDMS) being implemented by the Life Insurance Corporation of India in four divisions in South Zone will be extended to four more divisions in the second phase, said Manivannan.
Through EDMS LIC will scan 23-crore policy files and store them on a computer. This system will enable the policy-holders to avail themselves of services such as obtaining loan, and claiming survival/maturity benefit on their policies from any other branch in India. In the first phase, the system has been introduced in four divisions in South Zone – Chennai-I, Chennai-II, Madurai and Kottayam. In the next two years the entire zone will come under EDMS, he added.