Life Insurance Corporation of India (LIC) has reaffirmed its long-term vision of achieving “Insurance for All” by 2047, aligning with India’s centenary of independence. Speaking on the company’s growth outlook, LIC’s MD & CEO, R Doraiswamy, expressed optimism that policy numbers will witness a significant uptick starting in the second quarter of FY 2025-26, backed by strategic business measures and expanding market penetration.
Doraiswamy highlighted that LIC is focused on reaching underserved segments, including rural areas, first-time policy buyers, and younger demographics. The insurer aims to strengthen its digital platforms, introduce simplified products, and expand agent networks to improve accessibility and convenience for customers.
The company is also leveraging data analytics to better understand customer needs and to design tailored insurance solutions. Additionally, LIC plans to collaborate with government initiatives and corporate partners to enhance awareness and coverage, ensuring insurance becomes an essential financial safety net for every citizen.
Key Changes and Strategic Priorities
Target of ‘Insurance for All’ by 2047: Commitment to providing life insurance access to every Indian household by the country’s centenary year.
Policy Growth from Q2: Expected rise in policy issuance due to strategic product rollouts and marketing efforts.
Rural and Youth Focus: Special initiatives to reach unserved and younger populations through targeted campaigns.
Digital Expansion: Strengthening online platforms for policy purchase, servicing, and claim settlement.
Data-Driven Products: Using analytics to create need-based, affordable insurance solutions.
Who Should Take Action – Specific Advice
Existing policyholders can benefit from LIC’s improved digital services, making policy management easier. New customers—especially those without prior insurance—should explore LIC’s expanding product range to secure early and cost-effective coverage. Agents and financial advisors can leverage the new growth initiatives to expand their client base.
India Advocacy Insight
LIC’s roadmap reinforces the importance of insurance as a cornerstone of financial security. At India Advocacy, we encourage individuals and families to evaluate their protection needs early, taking advantage of expanding coverage options and digital convenience. This is a timely opportunity to build long-term financial resilience.
