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LIC intends to raise market share in non-participating biz
September 02, 2022
Non-participating life insurance products do not offer any bonuses or add-ons such as dividends to the policyholders. A pure term life insurance policy is non-participating product offering a fixed cover against payment of the policy premium.
“We intend to increase our market share of non-par business as well as diversify the channel mix while ensuring that our agents stay as the main distribution pillars of our products,” LIC chairman M R Kumar told shareholders in company’s annual report for FY22.
With its agency count of 13.3 lakh, the insurer has a large section of them working in rural areas of the country.
It has ensured a pan-India presence across various socioeconomic segments, Kumar said.
More than 95 per cent of LIC’s individual business in terms of premium is sourced through agency force. It is less than 3 per cent through bancassurance channels.
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