With new product guidelines coming into effect from January 1, 2014, LIC is planning to launch 15 traditional policies. On the sidelines of fourth seminar of IRDA on ‘Policyholder Protection and Welfare’, SK Roy, Chairman LIC, said, “We plan to have 15 life products in place by December 31, 2013. At this stage, we have no plan to launch any ULIP schemes since most of our business comes from traditional policies.”
Indicating its intention to foray into term insurance business, Roy said, “We are working to launch a term life insurance policy and expect to introduce it very soon. In fact, term insurance will be sold online.”
Roy struck an optimistic note on company’s growth and said that they have projected a growth of 12 percent in new business premium collection this year. On investment side, Roy informed that the company has invested Rs 33,000 crore in capital market and indicated that the trend continue. However, on debt investments, he said, “Debt is not an opportunity available in large quantities; we are considering whatever is available.”