After 100 years of independence, everyone will have insurance. We will pay a lot of attention to offering insurance plans in villages.
New special plans will be made to make sure everyone in countryside areas has insurance.
LIC will be very important in finishing the big job of giving insurance to everyone.
A recent report said only 5 percent of people in the country have insurance.
Maximum emphasis will be on rural areas
The person in charge of the Life Insurance Corporation of India (LIC), Siddharth Mohanty, shared that we aim to provide insurance to everyone by the 100th year of independence.
LIC’s special plan, ‘Insurance for all till 2047’, will be crucial for reaching this goal.
The insurance company has a specific plan for this. We will focus a lot on rural areas.
We will create things thinking about what people in villages need. Our main goal is to include village people in insurance.
Actually, these are the people who need insurance the most. We believe that the part of our business in rural areas will also get bigger in the future.
Will benefit from the introduction of insurance expansion product
He mentioned that I should express gratitude to the regulator IRDAI. IRDAI has introduced a product called ‘Bima Vistar’ that is being suggested.
This will cover life, health, and property insurance. To sell these products, ‘insurance agents’ will be needed. This will also provide job opportunities for women.
India has to become a developed nation by 2047
Prime Minister Narendra Modi recently shared a plan to turn India into a developed country by 2047.
The government’s goal is for us to achieve developed status by the 100th year of India’s independence.
India is the 5th largest economy globally. However, the insurance coverage here is very small compared to other parts of the world.
LIC can open fintech
Mohanty mentioned that we’ll make it easy for you to get your claims, loans, and other services with just one click.
You won’t have to visit the office; you can use your mobile phone from home.
We are also looking into FinTech (financial technology) and will use its power to grow our business.
LIC is even thinking about having its own FinTech branch, which could become a new way of doing business.
