India plans to insure a third of its massive population
with the Life Insurance Corporation of India (LIC) through the Prime Minister's
Jan-Dhan Yojana,said Finance minister Arun Jaitley.
Jaitley noted that LIC's total assets were Rs 17.69
lakh-crore, is almost equal to the government's annual budget, and urged the
organisation to grow with the economy and opportunities.
The Jan-Dhan Yojana has a Rs 30,000 life insurance
cover given to all individuals who open a bank account under this scheme before
January 26. The modalities of the premium for this cover are being worked on.
The person should normally be the head or earning
member of a family and in the age group of 18 to 59 years. A total of 108.46 million bank accounts had been opened under this scheme.
LIC Chairman S K Roy said in spite of 23 private
life insurance companies and 14 years of competition, LIC had a market share
of 84.4 per cent in the number of
policies and 75.3 per cent in first premium income in 2013-14.
The claim settlement ratio of LIC had increased to
98.14 per cent in 2013-14 from 97.73 per cent the previous year. The percentage
of repudiations was 1.1 per cent, almost the same level as of the previous
year.
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