LIC Latest News: The country’s largest insurance company will make a big change in the new year. Life Insurance Corporation of India has also got an amendment bill passed regarding this change, and now its composite license clause is being considered. According to the information received from the sources, this change of LIC will give a big benefit to the applicants. Let us tell you that LIC is preparing to change the rules related to insurance this year.
Can Apply For More Than One Category
Let us tell you that there is a provision in the proposed bill that any applicant can register and apply for one or more categories of the insurance business of any category.
What Is The Advantage Of a Composite License?
Let us tell you that if any company has a composite license, then in this situation, it can offer both general and health insurance services through the same company. For this, they will not have to do separate insurance.
There Is A Ban On Insurance Again
According to the agency, if the LIC Insurance Amendment Bill passes, insurance related to composite license and all other issues will be considered keeping in mind the Life Insurance Corporation Act, 1956. At the same time, re-insurance companies are barred from getting registered for any other category of insurance business.
The Bill Can Be Placed On The Table
It is believed that this bill can be placed on the table in the budget this year to amend the Insurance Act of 1938 and the Insurance Regulatory and Development Authority Act of 1999. The Finance Ministry is planning to make major changes in the insurance law.
Policyholders Will Get Good Returns
The Finance Ministry plans to make large-scale changes in the insurance law to promote policyholders and keep their interests in mind. With this, besides getting good returns to the policyholders, new employment opportunities will also be created in the market, boosting economic growth.
