Early Times Report
JAMMU, Mar 20: March 20: A group of LIC agents met the Hon'ble Leader of Opposition today to discuss key concerns. Addressing the issues, LIC Chairman & MD Siddhartha Mohanty clarified that LIC's new products comply with IRDA's New Product Regulations effective October 1, 2024, ensuring policyholders' best interests remain a priority.
Highlighting LIC's commitment to expanding life insurance coverage, Shri Mohanty emphasized its focus on rural and economically weaker sections, aiming to provide affordable financial protection to all insurable individuals.
He further assured that LIC fully adheres to regulatory norms and caters to diverse customer segments. Citing the Micro Bachat plan, which offers a minimum sum assured of ?1 lakh and GST exemption, he reinforced LIC's dedication to accessibility and financial inclusion.
Addressing concerns about agent commissions, Shri Mohanty clarified that there has been no reduction; instead, commissions are now provided in a staggered manner post-regulation changes.
"LIC remains steadfast in ensuring financial security for policyholders while supporting the well-being of its agents," he concluded. |
