Life Insurance Corporation's Growth Hinges on Protection Plans, Says CEO
Life Insurance Corporation of India Aims for Protection-Oriented Products in 69th Annual Report
The Life Insurance Corporation of India (LIC) chief executive and managing director, R. Doraiswamy, has outlined a vision centered on protection-oriented products, a revamped product portfolio, and a cautious assessment of the global economy. In his message in the 69th annual report, Doraiswamy emphasized the importance of financial protection in the uncertain global environment, leading to sustained demand for term insurance and protection-oriented solutions.
The sector continues to shift towards protection, digitization, and customer-centric innovation, with LIC at the forefront. Doraiswamy highlighted the impact of market conditions on LIC's investments, citing heightened volatility in equity and debt markets as a challenge in managing participating funds and delivering stable bonuses. Higher interest rates, driven by inflation concerns, have had a mixed impact, supporting yields on fixed-income investments while affecting the appeal of certain long-term savings products.
