Speaking at the launch of LIC's new insurance plan, Kumar said that people still see insurance as an investment rather than security for their family.
"Our research says that people are now inclined towards short term plans rather than opting for long term plans. Today, we are launching 'Jivan Shagun', which is a guranteed money back plan having a term of 12 years," he said.
"In the last three to four years, we have been seeing a trend where people have started showing interest in term policies, pension schemes and health insurance. However, people still see life insurance as a tool of investment" he said.