LIC to build landmark building on its newly acquired land in Chennai

05 February 2008

Chennai: India's second largest landlord, the Life Insurance Corporation of India (LIC), has plans to build a landmark building at its newly acquired Chennai property acquired from HLL when it bought Pond's factory complex a couple of months ago for Rs53 crore.

According to B.Manivannan, zonal manager, the government owned insurance giant plans to construct a building that would be a landmark like the Jeevan Bharthi building in New Delhi or its 14floor zonal office in Chennai.

Manivannan says each divisional office of the insurer has a target to acquire at least two properties. Though the divisional offices excel in business performance, they are not able to achieve their property purchase target.

Explaining the reason for this, Manivannan says, "Sellers want a part of the consideration in cash, whereas LIC can pay the full amount only by cheque," he remarks.

Meanwhile LIC's southern zone consisting of Tamil Nadu, Kerala and Pondicherry) posted a sterling performance till January this fiscal;  as against an annual target of Rs.80.20 billion this fiscal, the corporation's south zone has earned new premium of Rs.62.40 billion.

On the claims settlement front the zone has settled death claims totaling 38,786 involving an outgo of Rs.2.60 billion and 7.55 lakh maturity claims resulting in a payout of Rs.15.59 billion.