Udupi witnessed the inauguration of Insurance Week at the Life Insurance Corporation (LIC) Divisional Office in Ajjarakad on September 1, 1956, when the company began with a capital of five crore rupees. Senior Divisional Officer Ganapathi N. addressed the gathering after the flag was hoisted, the ceremonial lamp was lit and a green signal was given to the LIC campaign vehicle that will traverse the district.
He reminded attendees that the central government created LIC by merging 245 separate insurers through a parliamentary bill, aiming to nurture a savings culture and provide financial support for national development. Today, LIC stands as the highest dividend‑paying entity to the government each year and has allocated 47 lakh crore as capital in the five‑year plan, financing projects such as the Kaiga Nuclear Power Plant and the Alamatti dam.
Highlighting the division's recent performance, Ganapathi Bhat noted that in the last financial year LIC Udupi sold 1,33,316 policies, generating a first‑premium income of Rs 508.7 crore. The claim settlement ratio reached 99.44 per cent, underscoring the corporation's reliability.
Union Bank Udupi Regional Office Head Ashok Bandagi served as chief guest. LIC Lecturer (Marketing) Gurudas S. Rao, Lecturer (Sales) Durgaram Shenai, who also narrated the programme, and Sub‑Range Assistant Balakrishna Shenai were present. The ceremony honoured several employees approaching retirement.
The week‑long celebration will conclude on September 7, wrapping up a series of events that showcase LIC's enduring role in the economic fabric of coastal Karnataka.
Image for illustration purposes only
📰 Source: Vartha Bharati Udupi