LIC has revived 2.01 lakh policies from its eastern zone as part of a revival campaign for 2019-20, garnering Rs 244.74 crore as total premium.
The revival campaign for the eastern zone comprising 12 divisions spread across Bengal and the North East was held between September 16, 2019 and November 30, 2019.
According to officials, around 24.06 lakh policies were identified that could be revived from the zone.
Dinesh Bhagat, zonal manager (eastern zone), said the policy revival campaign has contributed significantly to the premium collection of the zone but there was scope for more collection.
“The eastern zone has settled Rs 7,545.55 crore as maturity claim and Rs 1,042.66 crore as death claim. A special drive is going on to collect NEFT mandate forms so that all claims are settled on or before due date during this fiscal,” Bhagat said.
The life insurer has registered a 19.78 per cent growth in premium collection from the eastern zone as of October 31, 2019 over the corresponding year-ago period.
While first year premium during the current year was Rs 9,091.47 crore, registering a growth of 39.58 per cent, renewal premium collection stood at Rs 11,574.97 crore, a growth of 7.77 per cent over the previous year.