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LIC looks to buy a standalone private health insurer
4 min read
14 Jun 2024, 06:28 AM IST

Anirudh Laskar
The state-run insurance behemoth is planning to foray into health cover business with a readymade customer base, preferring to take over a player that has digital capabilities. LIC intends to leverage its network in the country to grow the planned health insurance business

LIC has assets worth over ₹51 trillion and a market share of over 61.5% in life insurance.
Mumbai: Life Insurance Corp. of India (LIC) is planning to acquire one of India’s five private standalone health insurance companies to secure a beachhead in the country’s growing health insurance market, two LIC executives said.

LIC, with assets worth over ₹51 trillion and a market share of over 61.5% in life insurance, is keen to secure a composite licence—a licence planned to be introduced by the Insurance Regulatory and Development Authority of India (Irdai) that will allow an insurer to sell both life and non-life policies.