LIC Policy: Anurag Thakur, Union Minister of State for Finance & Corporate Affairs, on Monday said that the Life Insurance Corporation of India (LIC) regularly endeavours to provide a bouquet of life insurance products to cater to the needs of various strata of society. This has enabled LIC to maintain its market share of 70.52 per cent in the first-year premium and 75.64 per cent share in terms of policies as on 31.12.2019 (provisional figures) making it a dominant player, the minister said in a written reply to a question in Lok Sabha.
LIC’s product line includes Term Assurance, Endowment, Whole Life, Money Back, Children Specific, Women Specific, Micro Insurance, Unit-Linked and Pension plans.
Sharing more details about the insurer, Thakur said that LIC, during the current financial year up to 31.12.2019, has recruited 1,14,114 agents and 4,374 Development Officers. This recruitment drive coupled with innovative marketing strategies undertaken by the Corporation and a growth rate of 17.81 per cent of policies sold till 31.12.2019 is expected to enable LIC to cross three crore benchmark during the current financial year.
Thakur said that LIC continuously strives to offer attractive products/features including provision of higher surrender value; extension of revival period from two years to five years; option to take death benefit in instalments and option to take maturity benefit in instalments (Settlement Option) etc.
Thakur’s statement comes days after Finance Minister Nirmala Sitharman proposed to bring LIC IPO in her second Budget speech on February 1.
“Listing of companies on stock exchanges discipline a company and provides access to financial markets and unlocks its value. It also gives opportunity for retail investors to participate in the wealth so created. The government now proposes to sell a part of its holding in LIC by way of Initial Public Offer (IPO),” Sitharaman had said.