LIC targeting double digit growth, plans to launch 3-4 new products for FY24: Chairman Siddhartha Mohanty
Insurance behemoth Life Insurance Corporation (LIC) is set to unveil 3-4 new products in the upcoming months, aiming a double-digit increase in new business premiums during the current fiscal year. "We are projecting double-digit growth over the last year. We are going to achieve that because a recent trend is showing an uptick in individual retail business.
In order to further reinforce our commitment, we are going to launch some new attractive products," LIC Chairman Siddhartha Mohanty told PTI in an interview. LIC plans to unveil a new product in early December, with the anticipation that it will generate significant interest in the market, he said. Mohanty highlighted several key attributes of the latest product, emphasizing its commitment to delivering guaranteed returns.
According to him, policyholders can expect a lifelong benefit of 10 percent of the sum assured after the policy matures. Expressing confidence, Mohanty asserted that the new product is poised to disrupt the market. He emphasized the widespread interest in understanding the transparent cost structure and anticipated returns over a period of 20-25 years.
Furthermore, he mentioned that the new product will include features such as a loan facility and the option for premature withdrawal. Mohanty underscored the significance of guaranteed return products, stating that they serve the interests of both policyholders and shareholders. Notably, he pointed out that a substantial number of shareholders are also policyholders.
"So, it is dual benefit for policyholders," he added. Mohanty further added that 2-3 additional policies will be introduced throughout the year to attain a double-digit growth in new business premiums. In the initial half of the ongoing
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