The Life Insurance Corporation (LIC) announced plans to enter the health insurance sector on Saturday and is awaiting the approval of the Insurance Regulatory and Development Authority (IRDA). There are, however, no plans to have any foreign partner in the initiative.
LIC will identify viable sectors for insurance, mainly in areas of micro insurance, social sector insurance and the unorganised insurance sector, and is expected to submit a proposal to the government soon.
LIC is also reported to be foraying into the credit card business and has appointed KPMG to prepare a roadmap. In the first phase,, KPMG will assess the viability of the business, including the possibility of identifying a possible joint venture partner for the credit card business.
"Though there is no bar for us to enter health insurance, there are some regulatory issues which the IRDA is looking into," said Mr A. K. Shukla, chairman, LIC, at an event in Mumbai marking 50 years of operation of LIC.
"Rural people prefer a single-window system covering crop insurance, health insurance etc. as a composite product. We are also looking at a zonal-level tie-up with a non-insurance company to sell their products along with insurance," added Mr Shukla.
LIC will identify viable sectors for insurance, mainly in areas of micro insurance, social sector insurance and the unorganised insurance sector, and is expected to submit a proposal to the government soon.
LIC is also reported to be foraying into the credit card business and has appointed KPMG to prepare a roadmap. In the first phase,, KPMG will assess the viability of the business, including the possibility of identifying a possible joint venture partner for the credit card business.
"Though there is no bar for us to enter health insurance, there are some regulatory issues which the IRDA is looking into," said Mr A. K. Shukla, chairman, LIC, at an event in Mumbai marking 50 years of operation of LIC.
"Rural people prefer a single-window system covering crop insurance, health insurance etc. as a composite product. We are also looking at a zonal-level tie-up with a non-insurance company to sell their products along with insurance," added Mr Shukla.