HINDU
BUSINESSLINE<MUMBAI, FEB 1:
Life
Insurance Corporation of India (LIC), the country’s largest life insurer,
announced the launch of its own insurance repository LIC E-services on Monday.
Chairman
SK Roy said that for policies sold online, the policy bond will be hosted on
the E-services portal but other policyholders can also register on the portal,
which will be free of cost for the policyholder.
Services,
such as status of policy, bonus, loans, and claims will be available to
customers registered with the portal.
The
portal will ensure access to policy-related information as well as payment
anytime and anywhere.
Cheaper to buy online
The LIC chief said his company has
decided that for any new product that the company will be launching, the product
will also be available in the online version, which will be cheaper.
“The premiums would be lower than
offline products because there will be no intermediation costs and the benefit
of that will be passed on the policyholders,” he said.
As for the impact of selling products
online on its agency force, which stands at over 12 lakh, Roy said: “While we
have come out with a modern customer-centric initiative, we have to ensure that
our agents take advantage of this system. We will be working on that.”
Challenging fiscal
Roy
observed that in terms of operations, the current fiscal year has been
challenging for LIC. He said: “We are seeing green shoots. In December, we grew
faster than the industry as per Life Insurance Council data.
“Our
performance has further improved in January with a near double-digits growth
rate. We are confident that the corporation will do well in the remaining
months of the fiscal and achieve our new business premium collection target of ₹31,000 crore.”
Investment gains
On the
investments front, LIC has been focusing on the equity markets. Its investments
crossed ₹53,000 crore in
the current fiscal, against ₹39,000 crore last
fiscal. The company has also booked income on investment,
which stood at around ₹10,000 crore this
year.
Roy
said the company has been actively investing in, apart from banking, sectors
such as IT, pharma and FMCG.
On
rising non-performing assets (NPAs) in the banking sector, he said that the
entire system is concerned about NPAs but the Corporation will continue
participating in bond issues of public sector banks to shore up their tier-II
capital on a case-to-case basis.
(This article was
published on February 1, 2016)
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