LIC's Digital Shift: Driving 'Insurance for All'

Financial Services Secretary M Nagaraju emphasized to LIC the need for digital marketing and a mobile-first strategy to achieve 'insurance for all'. LIC's solid financial standing supports startups and investment funds. Its transformation includes a focus on high-growth, non-participating products.

Mumbai - Financial Services Secretary M Nagaraju emphasized on Saturday that Life Insurance Corp (LIC) should prioritize digital marketing and a mobile-first strategy to achieve the national goal of 'insurance for all'. Addressing a strategy meeting, Nagaraju underscored the significance of these approaches in reaching wider audiences.

LIC, with a consolidated Assets Under Management (AUM) of Rs 57.23 lakh crore and a yield of 8.9% on policyholders' funds, is urged to use this financial strength to nurture startups and alternative investment funds. Improving persistency ratios, especially among low-ticket policyholders, remains a critical focus, according to a finance ministry statement.

Nagaraju acknowledged LIC as a Domestic Systemically Important Insurer (D-SII), reflecting its vital role in India's financial ecosystem. The secretary highlighted a strategic transition towards high-growth non-participating products as part of LIC's evolving product portfolio, ensuring enhanced service and coverage.

(With inputs from agencies.)