The Hindu Business Line : LIC to come out with combo policy soon

LIFE Insurance Corporation (LIC) of India would be coming out with a combo policy that would have multiple benefits of whole-life, money-back, endowment and maturity repayment, Mr A.K. Shukla, Chairman, LIC, said on Wednesday.

Speaking on the sidelines of FICCI's 10th Conference on Insurance, " Indian Insurance Industry: Towards Achieving Global Competitiveness," he also said LIC plans to foray into health insurance.

With the objective of doubling its business this year and mop up over Rs 1,00,000 crore through premium, the State-owned insurer will launch a new whole span of life scheme `Bima Bachat' in January. This will be the third policy this fiscal after `Bima Gold' and `Jeevan Plus'.

The new policy will target domestic consumers as well as NRIs who will redeem their Indian Millennium Deposits in December this year.

Overseas branches of LIC may come up with special schemes depending on the regulations of that country to tap the money coming out of the deposit scheme.

On LIC's entry overseas, Mr Shukla said: "We are going slow on the Saudi venture as some of the regulations have changed after we filed for licence."

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