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LIC to soon insure third of the country, says Arun Jaitley

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The total assets of state-owned Life Insurance Corporation (LIC), which amounts to Rs 17.69 lakh crore, is almost equal to India's annual Budget, according to finance minister Arun Jaitley.

He has urged the organisation to grow as the economy and opportunities grow. "The market is going to be more competitive," he said, adding that the best of LIC is yet to come.

He was speaking to LIC officers after his visit to `Yogakshema', the corporate office of LIC in Mumbai, on Friday. Jaitley was accompanied by Hasmukh Adhia, secretary, department of financial services, finance ministry.
After partnering with the Jan Dhan Yojana, one-third of the country will soon be insured by LIC, he said.

"LIC is a role model of how a public sector institution can. While maintaining an arm's length distance, LIC takes prudent commercial decisions," he said.

According to him, claims performance of LIC is much better than the private sector.

Jaitley said that millions have built their houses with LIC's support. It has channelised people's saving and invested in infrastructure. LIC also has generated employment directly through employees and agents and indirectly by investing in the economy, generating employment and development.

S B Mainak, managing director, welcomed the FM in the meeting. SK Roy, chairman, LIC of India, made a presentation to the FM highlighting the achievements and concerns of LIC. He said in spite of 23 private life insurance companies and 14 years of competition, LIC had a market share of 84.44% in number of policies and 75.3% in first premium income in 2013-14.

Usha Sangwan, managing director, made a mention of the social service message produced by LIC on three aspects -- such as 'Housing for all ', 'Swachh Bharat' and 'Beti Bachao, Beti Padhao'. The finance minister inaugurated the message that LIC proposes to launch on the electronic medium.

Adhia, secretary (department of financial services) said the LIC contributes significantly to GDP and has over the years developed as a robust organisation. He further complimented the huge market share of LIC.

In his address, the minister gave reference to his speech made in the Lok Sabha while the Insurance Bill was being tabled, wherein he had expressed his concern for other forms of insurance in India, but had reposed confidence in LIC about life insurance needs of the country.

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