LIC (Life Insurance Corporation of India) is set to launch a product tailored for rural areas as part of its commitment to achieving ‘Insurance For All by 2047.’ The proposed product, ‘Bima Vistar,’ will encompass life, health, and property insurance under a composite offering. To promote these products, LIC plans to engage ‘Bima Vahak,’ a women-centric distribution channel model. The move aligns with the Indian government’s vision to enhance insurance coverage, addressing the lower penetration compared to global averages. LIC has also initiated a digital transformation project called DIVE (Digital Innovation and Value Enhancement) to enhance services for stakeholders.
LIC Plans Rural-Focused Insurance Product to Achieve ‘Insurance For All by 2047
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