A major shift in India’s insurance sector is set to take place as Life Insurance Corporation of India prepares to move entirely to digital operations.
Speaking after delivering the sixty ninth Foundation Day Lecture at the Administrative Staff College of India in Hyderabad, Department of Financial Services Secretary M Nagaraju said, “LIC will become completely digital in next two months.” He was responding to a remark that many LIC services still follow traditional methods.
Nagaraju said LIC’s digital transformation will be on the lines of the major changes earlier seen at State Bank of India. He added that a wider set of reforms in the insurance sector will be announced soon. The SBI banking app is also expected to be upgraded to offer more services. He also said concerns related to cybercrime in financial transactions are being reviewed by the authorities.
Earlier, during his lecture on Viksit Bharat Financial Inclusion and Institutional Governance, Nagaraju highlighted the progress made by key government schemes over the last ten years. He said initiatives such as Pradhan Mantri Jan Dhan Yojana and Pradhan Mantri Mudra Yojana have helped expand financial access across the country.
According to him, the Jan Dhan scheme alone now has more than fifty seven crore beneficiaries. The total balance in these accounts stands at two point seven five lakh crore rupees, with an average balance of four thousand eight hundred fifty rupees per account.
He also stressed that strong institutional governance, better coordination among financial regulators, and robust data protection systems are vital to ensure the long term success of financial inclusion in India.
The move to fully digital operations is expected to improve service speed, customer access, and efficiency at LIC, while aligning it with the government’s broader push toward digital financial services.
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