Siddhartha Mohanty, CEO and MD of Life Insurance Corporation of India (LIC), said on Thursday that the nation&rsquo;s largest insurer has consistently focused on reaching rural areas and economically and socially disadvantaged sections.
A day after a delegation of LIC agents met Rahul Gandhi, the Leader of Opposition in the Lok Sabha, and raised issues regarding recent changes in rules which make insurance less affordable for the poorest, the LIC CEO denied such concerns, saying, &ldquo;We aim to extend financial protection to every insurable individual at an affordable cost.&nbsp;We want to clarify that LIC has introduced products that align with the New Product Regulations set by IRDA, effective from October 1, 2024, keeping policyholders&rsquo;&nbsp;interests at the forefront,&rdquo;&nbsp;Mohanty said in a statement.
Stressing that LIC is committed to broadening life insurance coverage, Mohanty said that with a diverse portfolio catering to various customer segments and different strata of society, LIC fully complies with all regulatory requirements.
&ldquo;As an example, our &lsquo;Micro Bachat&rsquo;&nbsp;plan offers a minimum sum assured of ₹1 lakh and is exempt from GST, ensuring accessibility. Post changes in product regulations, the commission has not been reduced for agents, it has been given in a staggered manner,&rdquo;&nbsp;he informed.
Mohanty added that LIC remains dedicated to providing financial security to its policyholders while supporting its agency force&rsquo;s well-being.
In his meeting with LIC agents, Rahul Gandhi said that the LIC was formed in 1956 to provide affordable insurance to all Indians. The Congress leader assured that he would raise this issue in Parliament.
Meanwhile, LIC recorded a 28.29% surge in group yearly renewable premiums and a 7.9% rise in individual premiums during the first 11 months of FY25, according to the latest industry data.
As of February 2025, LIC&rsquo;s total premium collection stood at ₹1.90 lakh crore, reflecting a 1.90% increase from the ₹1.86 lakh crore collected in the corresponding period of FY24.
&mdash;IANS

Jeevan Bharati building at Connaught Place, New Delhi (File Photo)

LIC expands coverage, denies rule changes hurt the poor, as Rahul Gandhi vows to raise concerns

LIC CEO: Insurance for All, Affordably

LIC expands coverage, denies rule changes hurt the poor, as Rahul Gandhi vows to raise concerns

March 20, 2025 | 15:06 IST