LIC Should Continue Focus On Digital Marketing: Nagaraju

Financial Services Secretary M. Nagaraju, on January 17, asked LIC to continue adopting digital marketing and a mobile-first approach to ensure the realization of the national goal of "insurance for all."

Life Insurance Corp (LIC) has a consolidated assets under management (AUM) of Rs 57.23 lakh crore and a yield of 8.9 per cent on policyholders' funds, supported by a strong solvency ratio, a finance ministry statement said.

This corpus may be used for incentivising the growth of startups and alternative investment funds. The importance of improving persistency ratios, particularly among low-ticket policyholders, through concerted push and continuous follow-up was underlined, it said.

Nagaraju said that LIC is not just an insurance company, but a Domestic Systemically Important Insurer (D-SII), and this designation by the insurance regulator, Insurance Regulatory Development Authority of India (Irdai), carries a profound responsibility, as LIC's stability is synonymous with India's financial stability.

Speaking at the LIC's strategy meet in Mumbai, the secretary also highlighted the transformation of LIC's product portfolio, with a strategic shift to high-growth non-participating products.

The continued adoption of digital marketing and a mobile-first approach was urged to ensure the realisation of the national goal of insurance for all, Nagaraju said.