LIC has planned to launch three to four new products in the coming months with the aim of achieving double digit growth in the premium of new policies in the current financial year 2023-24.
LIC or Life Insurance Corporation of India or Jeevan Bima Nigam is the biggest name of insurance in the country. LIC’s name is known even where banks and insurance companies do not have access. But this public company, which has been providing insurance facilities in the country for decades, now wants to move in new directions and start something innovative. LIC is considering the possibilities of starting its own fintech and along with this, customers may soon get to see some different investment plans from LIC.
New products are coming
LIC Chairman Siddharth Mohanty told ‘Bhasha’ in an interview that the insurance company is preparing to launch many new products in the coming months. LIC has planned to launch three to four new products in the coming months with the aim of achieving double digit growth in the premium of new policies in the current financial year 2023-24. He said that LIC is going to introduce a new service in the first week of December. Hopefully it will get a good response in the market.
What will be special in the new plan?
Mohanty said that the customer will get guaranteed returns on the new plan coming next month and after its maturity, the policyholder will get 10 percent of the sum insured for the entire life. He said the new service will create a stir in the market as everyone wants to know how much he is paying and how much return he will get after 20-25 years. He said that apart from this, loan facility and premature withdrawal will also be a feature of this new plan.
Company will bring its own fintech
Mohanty said that LIC is exploring the possibility of setting up a financial technology unit as part of its digital transformation. LIC has launched a complete digital transformation project DIVE (Digital Innovation and Value Enhancement). A consultant has been appointed to run the project. He said, “Our aim is to establish a best-in-class digital initiative through Project DIVE for all our stakeholders, customers, intermediaries, marketers and everyone in between.”
LIC facilities will be available on one click
He said that LIC gets most of the new customers through its agents. After this, changes will be seen in other areas also. Services like claim settlement, loans and other services will be made available at the ‘click’ of a button. Mohanty said, “Customers do not need to come to the office. They can access our essential services through their mobile sitting at home… We are also focusing on financial technology and will harness its potential to expand the business.” LIC said in the current year for product distribution. So far three financial technology companies have been added as corporate agents.
