“It’s a pure alternative for LIC to be in medical health insurance, dialogue is occurring at remaining stage,” he informed reporters on the sidelines of the GCA25 occasion right here.
Mohanty stated LIC is not going to purchase a controlling stake of 51 per cent or extra within the goal firm and the precise quantum of the stake purchase will depend on components like the choice of LIC board and valuations, he added.
At current, life insurance coverage corporations usually are not allowed to supply well being covers which embody protecting up hospitalization and different bills for the insured. There was a suggestion for a composite licence for insurers, however no announcement was made on this regard within the Union Finances.
As per some media reviews, LIC is alleged to be eyeing a stake in ManipalCigna in a deal pegged at Rs 4,000 crore.
In the meantime, the managing director and chief government of the most important life insurer stated there was a “slowdown” within the progress of life insurance coverage, significantly by way of penetration these days. The slowdown has occurred at the same time as there was a concentrate on enhancing the ideas of insurance coverage facilitation and transferring in direction of a principle-based regulatory framework, he stated, including that this “twin actuality” requires a “complete assessment” of LIC’s strategy. He stated actuaries will play an vital position in addressing such challenges by offering goal and data-driven insights into rising dangers, creating modern options to deal with the challenges of a altering world, making certain the monetary stability and sustainability of insurance coverage corporations.
Within the third quarter of FY25, LIC reported a 9 per cent decline in its web premium revenue at Rs 1.06 lakh crore, regardless that the standalone web revenue elevated 17 per cent to Rs 11,056 crore.
Division of Monetary Providers Secretary M Nagaraju stated that actuaries will assist scale back the premiums paid by most of the people by utilizing probably the most scientific methods of assessing dangers.
This may assist enhance the insurance coverage penetration within the nation, he stated, including that at 3.7 per cent, the penetration could be very low compared with the world common of seven per cent.