LIC Chairman Siddharth Mohanty said that LIC will play an important role in the campaign to achieve insurance for all by 2047. To achieve this goal, the country’s largest insurance company announced that it plans to introduce a new policy especially for rural areas. Read what is the complete news.
LIC Chairman Siddharth Mohanty said that ‘insurance for all by 2047’ In an effort to achieve this, LIC will play a vital role.
The country’s largest insurance company said that it is aiming to meet this target with a new insurance policy specifically designed for rural areas. a i=2>Planning to launch.
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PTI, LIC Chairman Siddharth Mohanty said,
IRDAI has given this proposal for insurance expansion
LIC Chairman Siddharth Mohanty said insurance regulator IRDAI has already approved a hybrid product ‘insurance extension’. (Bima Vistar) which will include life, health and property insurance. ‘Insurance carriers’ to sell insurance extensions Will be put in place which will be a women-centric distribution channel model.
What is PM’s goal?
PM Modi’s goal is to make India a developed nation and not a developing nation by the year 2047, when India will be celebrating 100 years of independence. India is currently the fifth largest economy in the world but has low insurance penetration compared to the global average.
Draft preparation guidelines issued for insurance carriers
In June this year, the Insurance Regulatory and Development Authority of India (IRDAI) banned ‘insurance carriers’. Draft guidelines were introduced for this, which will establish a dedicated delivery channel at the level of Gram Panchayats.
As per the guidelines, corporate insurance carriers and individual insurance carriers have been proposed for distribution channels. Corporate insurance carriers will be legal persons registered and appointed by the insurer in accordance with relevant laws.
