New Delhi: Life Insurance Corporation of India (LIC) is not merely an insurer but a Domestic Systemically Important Insurer (D-SII), a status that places its financial stability at the core of India’s broader economic health, said M. Nagaraju, IAS, Secretary of the Department of Financial Services (DFS).
It was also said that LIC has undergone a landmark transition from a largely brick-and-mortar institution into a digital-first, value-led financial entity.
Highlighting business strategy changes, Nagaraju said LIC has reoriented its product mix towards high-growth non-participating offerings, introducing customised ULIPs, return-of-premium plans, and digital products such as Yuva Term, Digi Term and Index Plus to attract younger customers.
In terms of distribution, LIC’s agency network remains its key strength, expanding to over 14.8 lakh agents under the Jeevan Samarth initiative. The Bima Sakhi programme has also gained traction, enrolling more than 2.9 lakh women agents who have issued over 14 lakh policies across more than half of India’s panchayats.
Nagaraju cited LIC’s consolidated assets under management of Rs 57.23 lakh crore, an 8.9 per cent yield on policyholders’ funds, and a solvency ratio of 2.13, while urging stronger persistency and deeper digital adoption to advance the goal of “Insurance for All.”
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