Life Insurance Corp (LIC) has a consolidated AUM of Rs 57.23 lakh crore and an yield of 8.9 per cent on policyholders’ funds, supported by a strong solvency ratio, a finance ministry statement said.
This corpus may be used for incentivising growth of startups and alternative investment funds. The importance of improving persistency ratios, particularly among low-ticket policyholders, through concerted push and continuous follow-up was underlined, it said.
Nagaraju said LIC is not just an insurance company but a Domestic Systemically Important Insurer (D-SII) and this designation by the insurance regulator IRDAI carries a profound responsibility as LIC’s stability is synonymous with India’s financial stability.
Speaking at the LIC’s strategy meet in Mumbai, the secretary also highlighted the transformation of LIC’s product portfolio, with a strategic shift to high-growth non-participating products.
The continued adoption of digital marketing and a mobile-first approach was urged to ensure the realisation of the national goal of insurance for all, Nagaraju said.