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The CEO and MD of Life Insurance Corporation of India (LIC), Siddhartha Mohanty, said on Thursday that the country’s biggest insurer has continuously prioritized reaching out to rural communities and economically and socially marginalized groups.

“We aim to extend financial protection to every insurable individual at an affordable cost,” the LIC CEO said in response to concerns raised by a delegation of LIC agents who met with Rahul Gandhi, the Leader of Opposition in the Lok Sabha, about recent rule changes that make insurance less affordable for the poorest.

“With the interests of policyholders in mind, we would like to make it clear that LIC has launched products that comply with the New Product Regulations established by IRDA, effective from October 1, 2024,” Mohanty said in a statement.  Mohanty emphasized that LIC is dedicated to expanding life insurance coverage and that the company completely complies with all regulatory standards thanks to its varied portfolio that serves a range of client segments and social classes.

For instance, our “Micro Bachat” plan ensures accessibility by offering a minimum amount insured of Rs 1 lakh and being GST-exempt.  The fee has been paid to agents in a piecemeal fashion after modifications to product restrictions, he said.

Mohanty went on to say that LIC is still committed to giving its policyholders financial stability and promoting the welfare of its agency staff.  Rahul Gandhi said during his meeting with LIC representatives that the organization was established in 1956 to provide all Indians access to reasonably priced insurance.