India’s largest life insurance services provider Life Insurance Corporation (LIC) is set enter the health insurance space in about two months as it is awaiting a nod from the IRDA.
“The company will soon enter the health insurance sector and has submitted to the Insurance regulator (IRDA) newly- designed quality products in this regard,” LIC Managing Director Thomas Mathew told reporters here today.
“Once the company receives approval from the regulator, LIC will formally announce its entry,” Mathew said, adding the formal launch will take about two months.
The company has formed a new subsidiary for taking care of the proposed business, he said after donating cochlear implants of four hearing-disabled children as part of the company’s corporate social responsibility.
Referring to LIC’s growth in view of the entry of number of private players, he said: “LIC is number one in the world in terms of total number of policy holders, 22 crore at present, which is more than the population of many countries.” The company’s total market share in life insurance sector is above 75 per cent, while the remaining 25 per cent is owned by 15 private players. Of these nine private firms have just one per cent share, he said.