LIC invests over Rs 13K crore in TN projects

CHENNAI: The Life Insurance Corporation of India has invested in Tamil Nadu as on March 31, 2010 a total of Rs 13,296.47 crore (provisional) in State Government securities and in socially-oriented sectors, including infrastructure projects like roads, power, metro rail, etc .

Sharing the above information with the media here on Friday, V K Sharma, Zonal Manager, LIC Southern Zone, said that as a flagship PSU, LIC had contributed to nation building activities by funding infrastructure projects of State, Central and local bodies in addition to fuelling corporate India’s growth in a commendable way.

He also said that the LIC had invested Rs 9,539.15 crore (provisional) in Kerala and Rs 135.12 crore (provisional) in Puducherry for aiding all kinds of infrastructure projects.

Under LIC’s CSR actvitvty through the ‘Golden Jubilee Fund,’ steps were being taken to support hospitals, orphanages and schools, Sharma said.

 “In South Zone, 13 projects - 7 in Kerala and 6 in Tamil Nadu - at a cost of Rs 1,53,80,786 have been financed as at August 15, 2010,’’ he added.

“LIC has also launched a Golden Jubilee Scholarship Scheme for the benefit of students from the economically weaker sections of the society for the pursuit of higher education. Last year, from the South Zone alone, as many as 107 students were given scholarships amount of `10,000 each for higher studies,’’ he noted.

The South Zone LIC has been serving 2.79 crore policy holders through 1,82,187 agency force and 15,111 employees and efforts have been made to open 29 offices, out of which 21 in Tamil Nadu.

On new business, Sharma said that South Zone had contributed 12.87 per cent of the total first premium income and 12.62 per cent of the policies procured by the corporation during the year 2009-10 and thus become number one in the country in growth rate and achievement to budget in Total Premium Income through Bancassurance Channel.

“In the current year, as on August 31, 2010, the zone has collected Rs 3165.88 crore of first premium, thereby achieving 45.22 per cent of the annual target in premium, a record in the country,’’ Sharma said.

“Keeping in mind the changing needs of the customers, LIC has launched ‘Pension Plus’, a unit linked deferred pension plan, for providing a minimum guarantee on the gross premiums paid by the policy holders,’’  he remarked.