Slowdown did not affect insurance sector

Satish Kumar Agarwal was appointed the Senior Divisional Manager of Ludhiana division of the Life Insurance Corporation of India.

Satish Kumar Agarwal was appointed the Senior Divisional Manager of Ludhiana division of the Life Insurance Corporation of India. Having served the institution for the last two and half decades in various capacities,Sameer Kumar Sharma catches up with him.

How is the insurance sector faring?
It is one of the few sectors showing growth in the slowdown too. As for the LIC,our division alone has registered a growth rate of 15 per cent this year.

What is the overall market standing of the LIC in the country?
People repose a lot of faith in the LIC and they have shown that once again as LIC of India has for the first time shown a 7 per cent increase in the overall market share in order to affirm its hold in the sector.

Why is that people have reposed more faith in LIC during recession?
While most of the private insurance firms were not showing any upward trend,we were one of the few players in the insurance sector to show surplus growth. We have hired about 5,000 employees and 500 officers despite the economic slowdown. Today we have 23-crore policyholders across the country. There are only five countries in the world which have a consumer strength of more than 23 crore.

What is the settlement of claim ratio of the LIC?
We have a ratio of more than 99 per cent.

How is Ludhiana division of LIC placed in the state?
We have 10,73,302 policyholders in this division which includes Samrala,Khanna,Jagraon,Bathinda,Rampura Phull and Mansa. We had 26,000 new policies this year and have so far collected Rs 42 crore.

LIC has also introduced health insurance. Tell us about it?
We have introduced two new products in health insurance covering hospital cash benefit,major surgery benefit and domiciliary treatment.

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