LIC keen to build a strong omnichannel presence: MD

6.48 crore policyholders have shown interest in IPO: DIPAM Director

Bengaluru

Life Insurance Corporation of India (LIC) said it was in the process of strengthening its omnichannel presence in the country with a view to making itself directly and easily accessible to a larger population in the country.

At present, 95% of policyholders come through more than 13 lakh LIC agents, while only a small percentage of people buy policies directly online, the insurer said.

“We are expecting our omnichannel presence to grow big from now on. Currently, 95% of our policyholders are brought to the system through agency channel,” said MD Mini Ipe.

She said the company had also been witnessing a growth in digital transactions, with 76% of policyholders last year paying premiums online as against 47% in the previous year.

The initial response to LIC’s IPO announcement had been encouraging as about 6.48 crore policyholders had already linked their PAN number with their policy details as of February 28, 2022, well within the cut-off date, said Rahul Jain, Director of the Department of Investment and Public Asset Management (DIPAM) in the Ministry of Finance.

These 6.48 crore policyholders are eligible to participate in the IPO if they opened their DMAT accounts. “As of now, through the depositories, we understand that some 1.21 crore DMAT accounts have been opened by policyholders,” Mr. Jain added.