LIC's Approach to 'Insurance For All by 2047 | 21 Dec 2023

The Life Insurance Corporation (LIC) of India in alignment with the 'Insurance For All by 2047' initiative, is set to play a pivotal role by introducing tailored products for rural areas and embracing digital transformation.

• The focus is on extending insurance coverage to maximum rural masses, aligning with the vision of making India a developed nation by 2047.
• LIC acknowledges the Insurance Regulatory and Development Authority of India (IRDAI) proposed 'Bima Vistar,' a composite product covering life, health, and property insurance.
  • The distribution channel for these products, known as 'Bima Vahak,' will be women-centric, in line with the proposed guidelines for dedicated distribution channels at the Gram Panchayat level.
• LIC has initiated a digital transformation project, Digital Innovation and Value Enhancement (DIVE), with a focus on customer acquisition in the first phase.
  • The digital transformation aims to provide efficient services like claims settlement and loans at the click of a button, reducing the need for customers to visit offices.
• LIC is fully owned by the government. It was set up in 1956. It has the biggest share in India’s insurance business.

Read more: IRDAI Vision 2047, Bima Vahak