LIC to introduce health policy soon

Indore, June 5 (UNI) Life Insurance Corporation (LIC) of India will come up with a health insurance policy in the next few months, its Managing Director T Thomas Mathew said here today.

Talking to mediapersons, he said the new products would be launched soon after getting the Insurance Regulatory Authority IRDA approval.

''It will take two to three months,'' Mr Mathew said and added that a separate company had already been formed for the health insurance scheme.

The MD said despite stiff competition in the insurance sector, LIC had increased its market share to 74 per cent from last year's 71 per cent.

LIC has obtained Rs 40,000 crore new premium from 3.82 crore new policies. It had opened 2,048 fully computerised new branches last year, besides 400 satellite branches.

LIC had 22 crore policies, more than the population of many countries, said Mr Mathew.

Earlier, he switched on the buttons of cochlear implants given to four hearing-impaired children. LIC has given Rs 21 lakh for these equipments to non-government organisation 'Navjivan Badhir Samiti'.

LIC has allocated Rs 52,500 crore for social welfare, Mr Mathew said.

UNI