New Delhi, March 23 -- Refuting claims of Leader of Opposition Rahul Gandhi, LIC has said that it remains dedicated to providing financial security to its policyholders, while also supporting the well-being of its agents.
The clarification came a day after some of the LIC agents met the Leader of Opposition and raised issues regarding recent changes in rules by IRDAI and LIC, which make insurance less affordable for the poorest and weaken the position of agents.
"We want to clarify that LIC has introduced products that align with the New Product Regulations set by IRDAI, effective from October 1, 2024, keeping policyholders' interests at the forefront," LIC CEO & MD Siddhartha Mohanty said.
LIC has consistently focused on reaching rural areas and economically and socially disadvantaged sections as it is committed to broadening life insurance coverage, he said.
"Our aim is to extend financial protection to every insurable individual at an affordable cost," he said. As an example, he said, LIC's Micro Bachat plan offers a minimum sum assured of Rs 1 lakh and is exempt from GST, ensuring accessibility.
Post changes in product regulations, the commission has not been reduced for agents, it has been given in a staggered manner, he emphasised.
"LIC remains dedicated to providing financial security to its policyholders, while also supporting the well-being of its agency force," he added.
Published by HT Digital Content Services with permission from Millennium Post.