Any increase in foreign direct investment (FDI) in the insurance sector would not affect Life Insurance Corporation of India (LIC), current-in-charge chairman T. Thomas Mathew said. He was responding to a question at a press conference here on how the LIC viewed the move to raise FDI in the insurance sector from 26 per cent to 49 per cent.
LIC was not bothered about the FDI in the insurance sector. Its market share now was 83 per cent. Twenty-three private companies hold the rest.
He said the corporation would soon introduce new health insurance and pension products. “Clearance of the Insurance Regulatory and Development Authority (IRDA) is awaited in this regard,” he said. Mr. Mathew said 20 mini offices would be opened in Kerala in 2013 to widen operations.
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