LIC Chairman upbeat on life insurance biz

He further said that the industry is looking at the Bima Sugam project, which will be an all-in-one digital platform for all players selling all kind of products, in a quite positive way

Pune: MR Kumar, Chairman, Life Insurance Corporation of India (LIC), is hopeful that the life insurance industry, which has registered a double-digit growth in the year gone by, will continue to do so in the future too.

Talking to Bizz Buzz on the sideliners of annual CD Deshmukh Memorial seminar on 'transforming the life insurance sector through disruptive innovation', which was held by National Insurance Academy in Pune, Kumar said that the industry has already registered a double-digit growth in the year gone by and going forward it should continue to clock similar growth.

In fact, he went on, Q4 is something which the industry will be watching out very closely to achieve the desired level of growth. He expressed his confidence that the sector will continue to do pretty well in the future too.

Talking about the proposed amendment to the Insurance Act, he said: "We're watching the situation very closely on this. But I can't tell you at the moment how do the things pan out going forward. If the idea of composite licence works, then I think health insurance can fit into

our business model."

The LIC chief further said that composite licence is going to be a positive step if it is implemented. He added that the industry was looking at the Bima Sugam project, which will be an all-in-one digital platform for all players selling all kind of products, in a quite positive way.

We're watching the situation very closely on proposed amendment in the Insurance Act. But I can't tell you at the moment how do the things pan out going forward. If the idea of composite licence works, then I think health insurance can fit into our business model

- MR Kumar, Chairman, LIC, tells Bizz Buzz