Providing Accessible Financial Security for All: LIC Chief
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Synopsis
Siddhartha Mohanty, CEO of LIC, emphasizes the commitment to providing financial protection to all insurable individuals, focusing on rural outreach and affordability amidst regulatory changes, while reinforcing the company's compliance and support for agents.
Key Takeaways
- LIC aims for financial protection for all.
- Focus on rural and disadvantaged communities.
- New products comply with IRDA regulations.
- Micro Bachat plan offers Rs 1 lakh assured.
- LIC's premium collections show significant growth.
New Delhi, March 20 (NationPress) Siddhartha Mohanty, CEO and MD of Life Insurance Corporation of India (LIC), stated on Thursday that the largest insurer in the country has continually prioritized reaching out to rural communities and the economically and socially marginalized.
A day following a meeting between a group of LIC agents and the Leader of Opposition in the Lok Sabha, Rahul Gandhi, concerning recent regulatory changes that could make insurance less affordable for the underprivileged, the LIC chief dismissed these worries, affirming, "We aim to extend financial protection to every insurable individual at an affordable cost."
"We want to clarify that LIC has introduced products that align with the New Product Regulations set by IRDA, effective from October 1, 2024, putting policyholders' interests first," Mohanty stated.
Highlighting LIC's dedication to expanding life insurance coverage, Mohanty noted that with a varied portfolio that caters to different customer segments and social classes, LIC strictly adheres to all regulatory mandates.
"For instance, our 'Micro Bachat' plan offers a minimum sum assured of Rs 1 lakh and is exempt from GST, ensuring accessibility. After the product regulations were modified, the commission for agents has not been cut; it has been distributed in a staggered manner," he disclosed.
Mohanty emphasized that LIC remains committed to providing financial security to its policyholders while ensuring the welfare of its agency force.
In his discussion with LIC agents, Rahul Gandhi mentioned that LIC was established in 1956 to offer affordable insurance to all Indians. The congress leader assured that he would bring this issue to Parliament's attention.
Currently, LIC has recorded a 28.29 percent increase in group yearly renewable premiums and a 7.9 percent growth in individual premiums during the first 11 months of FY25, as per the latest industry data.
As of February 2025, LIC's total premium collection reached Rs 1.90 lakh crore, which demonstrates a 1.90 percent rise from Rs 1.86 lakh crore collected during the same period in FY24.
