The Department of Financial Services Secretary, M. Nagaraju, praised LIC for evolving into a tech-savvy and efficient financial giant, maintaining its trustworthiness in Indian households. At LIC’s Strategy Meet, Nagaraju highlighted the company’s shift from a traditional insurer to a digitally focused organization. He emphasized LIC’s role as a Domestic Systemically Important Insurer, crucial for India’s financial stability.
Continuing the digital push, Nagaraju stressed the importance of a mobile-first approach to achieve the goal of ‘insurance for all.’ He discussed LIC’s strategic move towards high-growth non-participating products, attracting younger customers with innovative offerings like ULIPs and ‘return of premium’ plans. The Secretary also lauded LIC’s extensive distribution network, especially its large agency force, as a key asset.
Under the Jeevan Samarth initiative, LIC has expanded its agency force to over 14.8 lakh agents, with a strong focus on the 18–40 age group. The introduction of Bima Sakhis, women career agents, has been a success story, with over 2.9 lakh agents securing more than 14 lakh policies and covering over 50% of panchayats. The DFS Secretary expressed optimism that all panchayats would be covered by Bima Sakhis next year, further empowering women in the insurance sector.
