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New Delhi, Nov 8 (PTI) Life Insurance Corporation MD and CEO Siddhartha Mohanty on Friday said the state-owned company will take a call on buying a stake in a standalone health insurer in the current financial year.
“The ground work is going on…search for suitable health insurance company is going on…we will finalise stake within this financial year,” he said during post result media conference.
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Asked about the quantum of stake LIC will have in health insurance company, he said it would depend on various factors, including valuation.
Once all the groundworks are done, he said, LIC would approach the board for its approval to foray into the health insurance segment.
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In February 2024, a parliamentary committee recommended the implementation of composite insurance licenses to reduce expenses and regulatory burdens for insurance providers.
At present, life insurance companies are restricted to offering extended health insurance benefits.
Enabling life insurance companies to furnish hospitalisation and indemnity coverage would necessitate an amendment to the Insurance Act.
The panel had suggested the government to introduce a provision of composite licensing for insurance companies and make the related amendment in legislation at the earliest.
Observing that allowing composite licensing could provide further impetus to the insurance sector, owing to its various benefits, the panel report had said it can cut costs and compliance hassles for insurers, as they can run different insurance lines under one roof.
It can also offer customers more choice and value, such as a single policy that covers life, health, and savings, the report tabled in Parliament said.
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