Highlighting the growing role of technology in expanding insurance coverage, Financial Services Secretary M Nagaraju has asked Life Insurance Corporation of India to continue its focus on digital marketing and a mobile-first strategy to support the national objective of “insurance for all”.
Speaking at LIC’s strategy meeting in Mumbai, Nagaraju said the insurer’s scale and financial strength place it at the centre of India’s financial system. He noted that LIC is not just an insurance provider but a Domestic Systemically Important Insurer (D-SII), a designation given by the insurance regulator Insurance Regulatory and Development Authority of India. This status, he said, carries a major responsibility, as LIC’s stability is closely linked to the country’s overall financial stability.
According to a finance ministry statement, LIC currently manages a consolidated asset base of ₹57.23 lakh crore and has delivered a yield of 8.9% on policyholders’ funds. This performance is supported by a strong solvency ratio. Nagaraju pointed out that this large corpus could also be leveraged to incentivise the growth of startups and alternative investment funds.
The secretary stressed the need to improve persistency ratios, especially among low-ticket policyholders. He said this would require a sustained and coordinated effort, along with continuous follow-up, to ensure customers continue their policies over the long term.
Nagaraju also highlighted the ongoing transformation in LIC’s product portfolio. He noted a strategic shift toward high-growth non-participating products, reflecting changes in customer preferences and market dynamics.
Reinforcing the role of technology, Nagaraju urged LIC to deepen its digital outreach and strengthen mobile-first engagement. He said this approach is essential to widen access, improve customer experience, and meet the broader goal of expanding insurance penetration across the country.
The remarks underline the government’s expectation that LIC, given its size and reach, will play a leading role in driving digital adoption in the insurance sector while maintaining financial resilience and supporting inclusive growth.
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