Life Insurance Corporation launches new products

Life Insurance Corporation (LIC), leader of life insurance in India, plans to double the number of products available to customers in the fiscal year that starts on April 1, 2015.

LIC is expecting a strong competition with foreign companies, which, by the new law, may increase their stake in local companies’ capital to 49% instead of 26% previously authorized.

To achieve its premium growth target of 15%, LIC wishes to develop the segments where it currently does not have a strong presence, such as microinsurance, health, etc.