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LIC to Get Major Boost Under IRDAI’s New Strategic Reform Plan

IRDAI has unveiled a reform strategy to enhance LIC’s market presence and solidify its role in India’s life insurance sector. This includes regulatory adjustments, technology integrations, and simplified product structures, all aimed at empowering LIC to penetrate deeper into untapped markets.

The initiative is part of a broader plan to create a more inclusive insurance ecosystem. By strengthening LIC, which holds over 60% market share in life insurance, IRDAI seeks to balance private and public sector growth while prioritizing consumer trust and transparency.

Experts believe this move could make LIC more competitive in the digital age, boosting both urban and rural insurance adoption. Stakeholders are encouraged to align with IRDAI’s vision for a stronger, more resilient insurance industry.

Source: The Economic Times