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September 12, 1997
QUOTE MARTIAL
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Bachchan picks up the biggest
Rs 1.5 billion. The biggest policy ever drawn in the world. And the lucky company is the Life Insurance Corporation. Bachchan was apparently encouraged to take this step following the threats and murder of film producers for extortion money. The costliest insurance policy of any person till date is $20 million, equivalent to Rs 720 million. Senior LIC officials admitted that negotiations between the two parties were in progress. However, they were reluctant to divulge details.
The policy has its dangers: Bachchan will be 55 on October 11 and if a policy matures in 15 years, he should be 70. There is nothing special in that. "LIC even insures people at 65," says Sunil Michigan, LIC's senior manager (marketing) . But such policies usually have a shorter maturing period of five years. Amitabh's nominee is his beleaguered ABCL. Recently, Kenya-based NRI Ketan Somaiya bought a majority stake in ABCL, giving it a new lease of life.
There have been hectic negotiations between Bachchan and the LIC for the last year with no concrete results. However, the negotiations gained momentum after the murder of music mogul Gulshan Kumar on August 12. It will definitely be a productive investment for LIC, says Michigan, calculating this policy is the equivalent of 500 policies of Rs 500,000 each. Enough to keep LIC robust and healthy. As long as Bachchan is. Compiled by Prasanna Zore from the Marathi media
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