LIC India is focusing on non-single premium, said MR Kumar, Chairman of India’s largest insurance company in interaction with CNBC-TV18.
“We have switched over to focus on the non-single premium AND that is why it was flat in November. In December we are hoping to sell at least 35 lakh policies and if we do that we will be back in green as far as non-single premium is concerned,” said Kumar.
Speaking about IDBI, he said, “RBI has given us 12 year period and the insurance regulator has given us a 6 year period to bring down our investment. We would like to see some value in that before we divest.”
On business, Kumar said, “COVID has brought some awareness among insuring public and we are seeing an uptick in the sale of ‘pure protection’ policies, but I agree that we have done as well as the private sector has but we are seeing the average sum assured going up substantially on the protection part.”
“The average sum assured has gone up to Rs 40 lakh from Rs 10 lakh earlier. We are growing well on pure protection plans but we need to grow more,” he said.
For the entire interview, watch the video