Chennai, May 17 (IANS): The United India Insurance Company Ltd has covered about 11.32 lakh active agents of Life Insurance Corporation of India (LIC) under its Group Personal Accident Insurance Policy, said an official.
"The mega policy was issued by United India Insurance's Divisional Office 5 Mumbai. This is a fresh business for us," a senior official of United India Insurance told IANS preferring anonymity.
The total payout for LIC for covering about 11.32 lakh active agents for a sum of Rs 2 lakh was about Rs 2.3 crore.
The risk coverage is death, permanent total disability and permanent partial disability.
The entire premium and risk is with United India Insurance as there is no co-insurance.
"This is one of the highest premium group personal accident policy," a senior industry official told IANS.