LIC to play key role in achieving 'Insurance For All by 2047: chairman

LIC will play a significant role and to meet that objective it is planning to launch a product especially designed for rural areas.

In a bid to achieve 'Insurance For All by 2047', LIC will play a significant role and to meet that objective it is planning to launch a product especially designed for rural areas.

"The focus would be how to cover maximum rural masses who actually need insurance. In coming days, rural share will also go up to our total business kitty," LIC chairman Siddhartha Mohanty told PTI.

He said to achieve the objective of 'Insurance For All by 2047', LIC will play a very significant role and in that direction the insurer has already started working.

"I must thank the regulator. The regulator IRDAI has already proposed 'Bima Vistar', a composite product. The product will consist of life, health and property insurance," he said.

To sell those products Bima Vahak would be engaged, he said, adding, it will be a women-centric distribution channel model.

Prime Minister Narendra Modi has given a clarion call to make India a developed nation by 2047, when the country achieves 100 years of independence from British rule. As of now, India is the fifth largest economy in the world but insurance penetration is low compared to the global average.

In June this year, the Insurance Regulatory and Development Authority of India (IRDAI) came out with draft guidelines for 'Bima Vahaks', which seeks to establish a dedicated distribution channel at the level of Gram Panchayats.