Need cost-effective products for lower-middle class: LIC chairman

LIC chairman said although life insurance had been one of the fastest-growing sectors in India, the vast uninsured population and market potential put the achievement of insurance players in the shade

People below the poverty line require new forms of social security and should benefit from corporate social responsibility while there is a need for cost-effective and tax-exempt products for the lower-middle class, according to M R Kumar, chairman of state-owned Life Insurance Corporation (LIC).

Addressing the 21st C D Deshmukh memorial seminar on Friday at the National Insurance Academy, Pune, the LIC chairman said although life insurance had been one of the fastest-growing sectors in India since it opened up in 2001, the vast uninsured population and market potential put the achievement of insurance players in the shade. 

India has the highest