LIC: LIC is the leading life insurance company in the country. Recently, LIC is looking to enter the health insurance sector. Part of this will focus on purchases. Company Chairman Siddharth Mohanty said this in an interview given to an English paper during the disclosure of LIC Q4 results. He said that following the composite license proposed by the parliamentary committee, the field is being prepared for health insurance. It is said that there is a possibility of getting a composite license in the new government. He said that he is interested in health insurance. However, they revealed that they do not have much experience in general insurance, so they want to grow organically. For this he said that he is thinking of buying the companies in this field.
With the proposal of Parliament..
As per the current rules, life insurance companies are not allowed to provide health insurance benefits. However, the parliamentary committee made some key proposals in February this year. The committee suggested the government to grant composite license to insurance providers. It is suggested that this will reduce the costs for the respective organizations and reduce the regulatory burdens on the respective organizations. For this, the Insurance Act will have to be amended.
If the law amendment..
If the new government amends the Insurance Act as per the recommendations of the Parliamentary Committee, LIC is sure to enter the health insurance sector. Analysts believe that if this happens, the breadth of insurance coverage will increase. Private health insurance revenues will fall. Many people prefer to take health insurance policies from government organizations. It remains to be seen what kind of decision the new government will take in the country after June 4.
