Life Insurance Corporation of India (LIC) is prioritizing its mission of “Insurance for All” under the leadership of its Managing Director and CEO, R Doraiswamy. According to Doraiswamy, the primary objective of LIC is to ensure that every individual in the country has access to insurance, thereby providing them with financial security and protection. To achieve this goal, LIC has been working towards increasing its outreach and penetration, particularly in rural and underserved areas.
Doraiswamy emphasized that LIC has been focusing on leveraging technology to expand its reach and make its services more accessible to the masses. The company has been investing heavily in digital transformation, which includes the development of mobile apps, online platforms, and other digital channels to enable customers to purchase and manage their policies more easily.
One of the key initiatives undertaken by LIC to promote “Insurance for All” is the launch of micro-insurance products, which are designed to provide affordable coverage to low-income individuals and families. These products offer a range of benefits, including life insurance, health insurance, and accident insurance, at a low premium.
LIC has also been working closely with the government to promote insurance awareness and increase penetration in rural areas. The company has been participating in various government-sponsored initiatives, such as the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY), which aim to provide affordable life and accident insurance to citizens.
Furthermore, LIC has been engaging with agents and intermediaries to promote insurance awareness and increase sales in rural areas. The company has been providing training and support to its agents to enable them to effectively communicate the benefits of insurance to potential customers.
Overall, LIC’s “Insurance for All” mission is a critical initiative that aims to promote financial inclusion and provide protection to all citizens, particularly those in rural and underserved areas. Under the leadership of R Doraiswamy, LIC is committed to leveraging technology, innovation, and partnerships to achieve this goal and ensure that every individual in the country has access to insurance. By doing so, LIC is playing a vital role in promoting economic growth, social welfare, and financial stability in the country.