LIC will play an important role in achieving 'Insurance for All' by 2047: LIC Chairman Siddharth Mohanty

LIC Chairman Siddharth Mohanty said that in the effort to achieve 'Insurance for All by 2047', LIC will play an important role.

The country's largest insurance company said it plans to launch a new insurance policy specifically designed for rural areas to achieve this goal.

PTI, LIC Chairman Siddharth Mohanty said, "The focus will be on how to cover maximum rural masses who need insurance. In the coming days, the rural share will also increase in our total business."

LIC Chairman Siddharth Mohanty said insurance regulator IRDAI has already proposed a hybrid product 'Bima Vistar' which will include life, health, and property insurance. 'Insurance Carriers' will be engaged to sell the insurance extension which will be a women-centric distribution channel model.

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.

In June this year, the Insurance Regulatory and Development Authority of India (IRDAI) introduced draft guidelines for 'insurance carriers' that would set up a dedicated distribution 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 by relevant laws.