Debasish Acharya
post news network
Bhubaneswar, Oct 16: Country’s largest insurer, Life Insurance Corporation of India (LIC) Bhubaneswar division is hopeful of achieving a new business premium of Rs 300 crore from pension and group business plans by end this fiscal, a top official of the company said. “We are hopeful to achieve a new business premium of Rs 300 crore by this fiscal from our superannuation and gratuity schemes against Rs 257 crore reported during last fiscal,” Divisional Manager (P&GS) LIC Bhubaneswar Divison, Saroj Kumar Samantaray told Orissa Post. Bhubaneswar division of the life insurer looks after 24 districts of the state.He also said the division has already collected a new premium of Rs 140 crore as on date and is hopeful to achieve the set target by the end of this financial year.
On its pan India new premium target, the official said the company is hopeful to achieve Rs 32,200 crore this fiscal in this segment. We have already achieved Rs 27,081 crore by September 2015, which is more than 50 per cent of the total target.
“Bhubaneswar division has about 27,170 members. Out of the total members, 5,200 members are from 71 companies under the Group Superannuation Cash Accommodation (GSCA) scheme and rest are Group Gratuity Cash Accommodation (GGCA) scheme of about 136 institutions,” he said adding the division is managing about Rs 100 crore under the GSCA scheme and Rs 900 crore under the GGCA scheme.
On payment made by the division, Samantaray said the company has already paid Rs 14 crore of pension and gratuity of Rs 52 crore by September. “LIC has about 16,000 pensioners under its Bhubaneswar division to whom it is paying around Rs 18 crore per annum,” he added.