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Lic News: Life Insurance Corporation of India (LIC) said on Friday that it does not get any special treatment from the government or any regulatory authority. This is said after the claim was made in the report of the United States Trade Representative (USTR), which states that the Center is being given a face -faced treatment to the LIC.
Second insurance company is the same as behavior- LIC
The country’s largest insurance company urged the American agency to make a more balanced and factual evaluation of the role of LIC. LIC said in a statement that he "It wants to clarify that ‘LIC’ is treated in the same way by the government and the regulators.".
LIC was not given any benefit
The company said, "Guarantee provided at the time of its establishment in 1956 – There is a statutory provision designed to create public confidence in the early year of nationalization. It has never been used as a marketing tool nor has LIC no undue benefit."According to LIC CEO and MD Siddharth Mohanty, "It is committed to maintaining the highest standards of ‘governance’, ‘service’ and ‘customer trust’".
24 worked with life insurance companies
For the last 25 years, LIC has worked in competitive market with 24 private life insurance companies. It is regulated by IRDAI and SEBI and does not get any special treatment from the government or any regulatory authority. The insurer said that its leadership in the insurance sector is completely due to the trust of its policyholders, commitment to excellent service, its financial strength and transparency.
30 crore customers’ service released in India
LIC, working for more than 69 years, continues to serve more than 30 million customers across India with dedication and professionalism. According to LIC’s statement, "Our firm belief is that the views of USTR are based on the incomplete understanding of Indian insurance regulation and LIC functioning. We urge financial inclusion in India and more balanced and factual appreciation of LIC’s role and contribution in policyholders security."
According to the latest industrial data, LIC registered a growth of 28.29 percent in Group Early Renewable Premium during the first 11 months of FY 2025 and 7.9 percent increase in individual premium. As of February 2025, LIC’s total premium collection stood at Rs 1.90 lakh crore, which shows an increase of 1.86 lakh crore from Rs 1.86 lakh crore collected in the same period of FY 2024.
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