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.

He said eight divisional offices in the south zone have implemented enterprise document management system, which would enable policyholders to have their transactions with any one of the LIC offices across the country.

LIC's plans of building an IT park on Anna Salai by demolishing the Indo Sarcenic architectural style Bharath Insurance Building has attracted severe criticism  from heritage lovers who have taken the issue to court to force the Corporation to abandon its demolition plans.

The corporation also owns property adjacent to its zonal office in Chennai, which could also be developed once the tenants vacate.

LIC acquires land for two purposes -to build commercial complexes to let out on rent and to build apartments for sale to its policyholders.