Visakhapatnam, September 3, 2006
New Bhima Gold announced
Senior Divisional Manager of Life Insurance Corporation of India (LIC) N.Prabhakara Rao speaking to reporters on Sunday said that 'Bhima Gold' that secured a place from LIC is being reopened as 'New Bhima Gold' on Monday. He said in just seven months after its launch in last year, 1.2 core Bhima Gold policies were sold in the country and 1.35 lakh in Visakhapatnam division only.
He said that the new policy has minimum sum assured of Rs.50,000 and it has the facility of free insurance which extends for half of the policy term and amounts to half of the sum assured. This facility would into effect immediately on the expiry of the policy term and without making any further payment of premiums. New Bhima Gold also provides loans and accident benefits. The special attraction of New Bhima Gold is Auto Cover if at least two premiums were paid, any subsequent premium need not be duly paid and full death cover would continue for two years from the date of first premium unpaid.
Speaking on the performance of the LIC, he said that the market share was 77 percent and it was continuing to grow at an impressive rate. It was 31 percent last year. Senior officials of LIC were present on the occasion.
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