LIC eyes pie in health insurance biz

Insurer says it will buy stake in health insurance company, to make announcement soon

- BENN KOCHUVEEDAN

NATIONAL insurer Life Insurance Corporation (LIC) will soon announce its foray into the health insurance segment, wherein it wants to be a large player, a top official has said.

The insurance industry, especially the life insurance players, was expecting the government to amend the Insurance Act to bring in a composite licensing regime wherein a life player could also offer non-life products such as the more lucrative health policies as well.

Currently, there are 70 players in the domestic insurance industry with nearly half a dozen of them being standalone health players and the rest selling life and general products.

Many countries, especially those in the West, offer composite licence, which was allowed here as well till 2016 when regulator Irdai barred life insurance players from offering general and health products.