LIC Refutes Reports Of Planned Foray Into Health Insurance

The Life Insurance Corporation of India (LIC) has issued a clarification stating that it does not currently have any formal plans to enter the health insurance market via a purchase of a private health insurer.

What Happened: On June 14, LIC responded to news items published in various mainstream media outlets about its supposed entry into the health insurance market. The company stated that no such formal proposal has been initiated at present.

However, the insurance giant did mention that it regularly evaluates and explores various strategic opportunities for the growth and expansion of its business, including strategic partnerships and investment opportunities.

See Also: RVNL Bags ₹160 Cr Order From East Coast Railways

LIC was reportedly planning to acquire one of India's five private standalone health insurance companies, preferably one with a strong digital presence. The reports suggested that with assets exceeding ₹51 lakh crore and a dominant 61.5% market share in life insurance, LIC aims to secure a composite license from the Insurance Regulatory and Development Authority of India (IRDAI), enabling insurers to offer both life and non-life policies.

Read Next: World’s Richest IITian? This Indian American Is Worth ₹91,000 Cr

Engineered by Benzinga Neuro, Edited by Utkarsh Roshan

The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesNewsRumorsMarketsLife Insurance Corporation of India