The Life Insurance Corporation of India (LIC) has reaffirmed its long-standing commitment to the mission of “Insurance for All by 2047.” In a recent interview, R. Doraiswamy, LIC’s Managing Director & CEO, emphasized that policy numbers must start rising notably from the second quarter (Q2) of the fiscal year to help deliver this vision.
| Organization | Life Insurance Corporation of India (LIC) |
|---|---|
| Leader | R. Doraiswamy, MD & CEO |
| Target | “Insurance for All by 2047” vision reaffirmed |
| Strategy | Policy growth to accelerate from Q2; expand through tech, rural, semi-urban focus |
In his recent address, LIC’s MD & CEO, R. Doraiswamy, reiterated that LIC’s enduring goal is broadening insurance coverage across India by 2047. The CEO urged that to keep pace with this ambition, the company should see a meaningful uptick in policy issuance from Q2 onwards, with momentum expected to build further into Q3 and Q4 .
To realize this, LIC plans to:
- Leverage technology platforms to simplify and scale policy distribution,
- Strengthen its distribution network — especially agents, bancassurance partnerships, and new touchpoints in rural and semi-urban areas,
- Deepen customer engagement initiatives to reach under-insured segments .
This strategy aligns with LIC’s broader aim to boost insurance penetration, contributing to India’s socio-economic growth by ensuring accessible life protection for all.
Why It Matters
- Reinforces LIC’s alignment with national priorities and IRDAI’s push for comprehensive coverage across communities.
- Signals a proactive start to fiscal-year growth, setting a positive trajectory for both LIC and the broader life insurance market.
- Emphasizes a balanced expansion—combining high-tech outreach with grassroots distribution—to reach traditionally underserved segments.
LIC’s reasserted commitment to universal coverage by 2047—backed by tangible plans to accelerate policy issuance starting Q2—underscores its central role in building a more inclusive insurance landscape for India.
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