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.
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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.
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