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December 4, 2024
Economy

Economic Survey 2024: FM Sitharaman praises Life Insurance Corporation while sharing these IRDAI findings

  • July 22, 2024
  • 2 min read
Economic Survey 2024: FM Sitharaman praises Life Insurance Corporation while sharing these IRDAI findings
  1. Financial Performance:
    • Profitability: LIC’s consistent profitability over the years, reflecting its effective management of investments and underwriting practices.
    • Asset Quality: Sound asset quality with a diversified investment portfolio that balances risk and return.
  2. Market Presence and Reach:
    • Market Share: LIC’s dominant position in the life insurance market, both in terms of premium income and policyholder base.
    • Geographical Reach: Extensive branch network and presence across urban and rural areas, facilitating greater access to insurance products.
  3. Customer Service and Satisfaction:
    • Claims Settlement: High rate of claims settlement, indicating prompt and fair resolution of claims for policyholders.
    • Customer Feedback: Positive feedback and satisfaction levels among policyholders, reflecting trust and reliability in LIC’s services.
  4. Innovation and Product Development:
    • Product Diversity: Range of insurance products catering to various customer needs, including traditional plans, unit-linked plans, and pension schemes.
    • Digital Initiatives: Adoption of digital technologies to enhance customer experience and streamline operations.
  5. Regulatory Compliance and Governance:
    • Compliance Standards: Adherence to IRDAI regulations and guidelines concerning solvency margins, investment norms, and customer protection.
    • Governance Practices: Strong corporate governance framework ensuring transparency, accountability, and ethical practices.
  6. Role in Economic Development:
    • Investment in Infrastructure: Contribution to economic growth through investments in infrastructure projects and government securities.
    • Employment Generation: Direct and indirect employment opportunities created through its operations and expansion.
  7. Future Outlook and Challenges:
    • Growth Prospects: Potential for further growth in insurance penetration and market expansion.
    • Challenges: Addressing emerging risks such as technological disruptions, changing customer expectations, and regulatory developments.

These detailed aspects provide a comprehensive picture of LIC’s strengths and contributions to the Indian economy, underscoring its significance as a key player in the insurance sector, as highlighted in the Economic Survey of 2024.

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Nikhil jain

Nikhil Jain is the founder of Just Now News, a news channel and website dedicated to timely and accurate reporting. Just Now News, with its website justnownews.in, aims to provide up-to-date information across various topics to its audience.

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