Madurai: The Madurai Division of Life Insurance Corporation (LIC) will phase out the use of paper slowly with the introduction of Enterprising Data Management System (EDMS), which would pave way for keeping records in electronic form.
S Chandrashekar, Senior Divisional Manager of the LIC said the EDMS would facilitate LIC transactions by a policy holder from anywhere in the country.
The EDMS facility had been introduced in Madurai division as a pilot scheme in the south zone. It is the second division in the country to get it.
The uploading of the data has already begun and the exercise would be completed in a year’s time, he said.
The LIC has also introduced Electronic Clearance System (ECS) in all its Madurai Branches to enable policy holders pay premiums using automatic debit facility from banks. There was also a plan to introduce credit card after the ECS.
He also launched the two new policies — Fortune Plus and Profit Plus — here last evening. The two new Unit-linked endowment policies provided high risk cover, high security and risk cover, he said.
LIC’s Unit linked policies have proved to be a big success, he said. The Madurai Division itself had sold 132,000 Money Plus policies, mobilising Rs133 crore.
Between 1-14 August, LIC sold 73,432 policies, mopping Rs82 crore as premium.