Finance minister Pranab Mukherjee has asked insurance behemoth, Life Insurance Corporation of India (LIC), to design and market products to attract and cover the young generation. The directive for LIC seems to bring down its business risk by bringing in more youngsters to its customer base. “Average age of insured with LIC is 37 years. We have asked LIC to come out with products that will attract the attention of young customers. High average age will increase risk for LIC,” said DK Mittal, secretary, department of financial services.LIC has a market share of around 81 per cent in terms of new business policies, and 71.3 per cent in terms of new business premium during 2011-12.
Mittal spoke to reporters after the finance minister held a meeting with the chairmen of LIC and four public sector general insurance companies on Wednesday. Mukherjee directed general and non-life insurance companies to bring down underwriting losses for profitability.
Mittal spoke to reporters after the finance minister held a meeting with the chairmen of LIC and four public sector general insurance companies on Wednesday. Mukherjee directed general and non-life insurance companies to bring down underwriting losses for profitability.
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