In a rapidly evolving financial landscape, LIC (Life Insurance Corporation of India) has announced plans to establish partnerships with companies from two dynamic sectors: Fintech and E-commerce. This strategy, introduced by LIC’s leadership, highlights a broader vision of expanding LIC’s insurance services to reach every household by 2047. This move brings potential opportunities and inevitable … Read more
In a recent press release dated November 8, 2024, LIC presented its half-yearly performance update for the fiscal year ending September 30, 2024. LIC latest financial and operational milestones demonstrate a substantial growth trajectory across multiple metrics, underscoring its position as a dominant player in the insurance sector. This report provides a detailed look into … Read more
A recent development has sparked considerable controversy within India’s insurance industry, particularly affecting the relationship between the Life Insurance Corporation of India (LIC) and its insurance advisors, represented by the Life Insurance Agents Federation of India (LIAFI). One prominent LIAFI leader has made a series of serious allegations, warnings, and demands against LIC. This article … Read more
In a recent movement led by LIC agents, a message urging “LIC Bachao, LIC Agent Bachao, Customer Bachao” was widely circulated, advising agents to directly contact top officials in LIC’s management with their grievances. This article examines the events surrounding this protest, where agents, frustrated with unaddressed issues, bypassed traditional communication channels and reached out … Read more
Why LIC Agents are Strike – The recent strike called by Life Insurance Corporation (LIC) agents across India has stirred considerable attention and concern in the financial and insurance sectors. Represented by the Life Insurance Agents Federation of India (LIAFI), LIC agents are demanding reforms that they believe are crucial for their financial stability and … Read more
LIC agents on strike over 7 demands – As of 1 October 2024, the Indian life insurance sector has seen a wave of regulatory changes, primarily driven by the Insurance Regulatory and Development Authority of India (IRDAI). LIC of India, the country’s largest life insurer, has implemented several modifications in line with these new norms. … Read more
The Life Insurance Corporation of India (LIC) has always considered its agents the backbone of the company, responsible for the bulk of its business generation. However, recent changes implemented by LIC regarding the restructuring of commission and the introduction of a clawback clause have sparked widespread discontent among agents. On 14th October 2024, the All … Read more
On October 7, 2024, Life Insurance Corporation of India (LIC) introduced a new insurance offering, the Single Premium Group Micro Term Insurance Plan. This plan is designed as a non-participating, non-linked, group, pure risk, micro life insurance product. It specifically targets financial institutions like microfinance entities, co-operative societies, self-help groups, NGOs, and other unorganised and … Read more
LIC 19 modified plans – In a significant development for the Indian life insurance sector, the Life Insurance Corporation of India (LIC) has announced the launch of 19 modified insurance products and riders, all compliant with the latest guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI). These updated offerings come into … Read more
IRDAI (बीमा नियामक और विकास प्राधिकरण) ने अपने मास्टर सर्कुलर 2024 में कई महत्वपूर्ण बदलाव किए हैं जो 1 अक्टूबर 2024 से लागू होंगे। इन बदलावों का प्रभाव जीवन बीमा, सामान्य बीमा, और स्वास्थ्य बीमा के कई पहलुओं पर पड़ेगा। सबसे अधिक चर्चा का विषय है “सरेंडर वैल्यू”। इस नए सर्कुलर में गारंटीशुदा सरेंडर वैल्यू … Read more