LIC hopes to enter health insurance in 2 months, awaits IRDA nod

05 June 2007

Mumbai: Life Insurance Corporation (LIC), the country's largest life insurance provider, is set enter the health insurance space in about two months. LIC is awaiting a nod from the Insurance Regulatory and Development Authority (IRDA).

"The company will soon enter the health insurance sector and has submitted to the insurance regulator newly-designed quality products in this regard," LIC managing director Thomas Mathew told reporters.

"Once the company receives approval from the regulator, LIC will formally announce its entry," Mathew said, adding the formal launch will take about two months.

The company has formed a new subsidiary for taking care of the proposed business, he said. He was speaking on after donating cochlear implants of four hearing-disabled children as part of the company's corporate social responsibility.

Referring to the entry of new players in the Indian insurance space, he said the company's total market share in life insurance sector is above 75 per cent, while 15 private players own the remaining 25 per cent. Of these nine private firms have just one per cent share, he said.