No delay in policy premiums from mining areas: LIC


Despite hue and cry raised over the survival of mining dependent people in the wake of suspension of mining operations, Life Insurance Corporation of India’s (LIC) policy holders from mining areas are paying policy premiums without delay, LIC claimed on Tuesday. 
Addressing a press conference, Senior Divisional Manager, Goa S C Acharya said that there has been smooth flow of premiums from the people, residing in mining areas. In fact, Life Insurance Corporation’s business has been growing in the mining areas of Curchorem, Quepem and Bicholim for last couple of months, he added. 
“There are lakhs of policy holders along the mining belt and there has been no delay or any impact on receiving the premiums, even after (imposition of) ban on mining. Everything is running smoothly”, he said adding ‘there has also been no case of policy surrender’. 
 Life Insurance Corporation of India, which has insured 10 lakh polices, has sold nearly 1,10,000 polices in Bicholim and 74,000 in Curchorem. 
Around 5000 people had marched to Panjim on December 18, 2012 protesting against the ban on mining. They claimed that they will have to starve for food if the situation continues to persist. The stakeholders, including truckers, barge owners and other ancillary activity owners have been demanding financial package from State government. 
Meanwhile,  Life Insurance Corporation of India Wednesday introduce two new plans, New Jeevan Nidhi and Flexi Plus. Acharya said that Jeevan Nidhi is a conventional with-profit, pension plan that provides insurance cover during the deferment period and annuity on survival to the date of vesting. 
“The special feature of the policy is to provide guaranteed addition of Rs 50 per Rs 1,000 assured for each completed year for the first five years, after which the policy will participate in the profits till the end of the deferment period,” he said. 
Flexi Plus, he said, is a unit-linked assurance plan, which not only provides a lump-sum benefit on death but also provides maturity benefit irrespective of the survival of the policyholder.
The Senior Divisional Manager said that Vision 2020 of  Life Insurance Corporation of India is to have “a policy in every pocket”. 
He added that  Life Insurance Corporation of India is determined to make every Indian feel adequately secure financially, in terms of life, health insurance and annuity. [H]