LIC to explore composite insurance model once allowed, says MD & CEO

LIC may become a composite insurer offering general and health cover once Parliament clears the new policy, but has not finalised a health insurance acquisition plan

State-owned Life Insurance Corporation of India (LIC) will explore the possibility of becoming a composite insurance company—offering not only life insurance products but also general insurance, including health insurance—once the composite licensing policy gets a go-ahead in Parliament.

 

“What is in the public domain is that composite insurance may be allowed as a concept. If it is allowed, the LIC board as well as the shareholders will have to take a call as to whether we are going to continue as a life insurance company or whether we would like to modify or change ourselves into a composite company and