LIC plans health insurance foray after historic dividend payout

LIC plans health insurance foray after historic dividend payout, explores acquisitions Life Insurance Corporation of India (LIC) is planning to enter the health insurance market and is exploring potential acquisitions to facilitate this expansion. This initiative follows a proposal to introduce composite insurance companies, which would allow life insurers to offer hospitalisation and indemnity coverage, pending an amendment to the Insurance Act. LIC has announced a final dividend of Rs 6 per share for the fiscal year 2023–24, marking the highest dividend payout in its history and doubling last year’s Rs 3 per share. The record date for the payout is set for July 19. India’s insurance market remains significantly under-penetrated, with fewer than 23 million health insurance policies covering 550 million individuals by the end of the 2022–23 fiscal year. The government and regulatory authorities are keen to expand health coverage, and LIC's entry into the sector is expected to support this effort. [Read more](3D/0/2) If you would prefer not receiving our emails, please [Click Here](3D) Â