LIC awaits IRDA nod for health insurance foray

Life Insurance Corporation (LIC), the country's largest life insurance services provider, is set enter the health insurance space in about two months as it is awaiting a nod from Insurance Regulatory and Development Authority (IRDA).

"The company will soon enter the health insurance sector and has submitted to the insurance regulator newly-designed quality products in this regard," Thomas Mathew, MD, LIC told reporters today.

"Once the company receives approval from the regulator, LIC will formally announce its entry," Mathew said, adding the formal launch will take about two months.

The company has formed a new subsidiary for taking care of the proposed business, he said after donating cochlear implants to four hearing-disabled children as part of the company's corporate social responsibility.

Referring to LIC's growth, in view of the entry of number of private players, he said: "LIC is number one in the world in terms of total number of policy holders, 22 crore at present, which is more than the population of many countries."