By Fnf Correspondent | PUBLISHED: 04, Apr 2025, 18:47 pm IST | UPDATED: 04, Apr 2025, 18:47 pm IST
According to Siddhartha Mohanty, CEO and MD of LIC, “it remains committed to upholding the highest standards of governance, service, and customer trust”.
For the past 25 years, LIC has operated in a fully competitive market alongside 24 private life insurance companies. It is regulated by IRDAI and SEBI and receives no special treatment from the Government or any regulatory authority.
The insurer said that its leadership in the insurance sector is entirely due to the trust of its policyholders, its commitment to service excellence, and its financial strength and transparency.
With a legacy of over 69 years, LIC continues to serve over 30 crore customers across India with dedication and professionalism, it added.
“We firmly believe the USTR’s views are based on an incomplete understanding of Indian insurance regulation and LIC’s functioning. We urge for a more balanced and factual appreciation of LIC’s role and contribution to financial inclusion and policyholder protection in India,” according to the LIC statement.
LIC recorded a 28.29 per cent surge in group yearly renewable premiums and a 7.9 per cent rise in individual premiums during the first 11 months of FY25, according to the latest industry data.
As of February 2025, LIC’s total premium collection stood at Rs 1.90 lakh crore, reflecting a 1.90 per cent increase from the Rs 1.86 lakh crore collected in the corresponding period of FY24.
by : Priti Prakash
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