LIC Latest News: The country’s largest insurance company is going to make a big change in the new year. Indian Life Insurance Corporation ( life insurance corporation of india) has also passed the amendment bill regarding this change and now its composite license clause is being considered. According to information from sources, this change of LIC will give a big benefit to the applicants. Let me tell you that LIC is preparing for change in the rules related to insurance this year.
Can apply for more than one catagiri
Let me tell you, the proposed bill provides that if any applicant can register for one or more of the categories of insurance business of any category and apply Can.
What is the use of composite license?
Let me tell you that if any company has a composite license, then in this situation by offering both general and health insurance services through the same company Can. They will not have to insure separately for this.
Stop on insurance again
According to the agency, in the event of the passage of the LIC Insurance Amendment Bill, consideration will be given to the Insurance Life Insurance Corporation Act, 1956 relating to composite licenses and all other issues. At the same time, re-insuring companies are prohibited from registering for any other category of insurance business.
Bill can be placed on the floor
This bill can be put on the floor in the budget this year to amend the Insurance Act 1938 and the Insurance Regulatory and Development Authority Act, 1999. The Finance Ministry is currently planning to make a big change in the insurance law.
Policyholders will get good returns
The Finance Ministry is planning to make a large scale change in the insurance law to promote policyholders and keeping in mind their interests. Along with providing good returns to policyholders, new employment opportunities will also be created in the market, which will also boost economic growth.