LIC awaits Irda nod for health foray

Chennai, Nov 15 | Updated: Nov 16 2005, 05:30am hrs
Life Insurance Corporation of India is planning to enter the health segment and is awaiting for the Insurance Regulatory and Development Authority (Irda) approval, said LIC chairman AK Shukla here on Tuesday.

Addressing mediapersons after launching LICs web portal www.licindia.comfor the customers and agents, Mr Shukla said: Though it is a risky job in the country as there is no health regulator here, we cannot keep away from the sector. The portal was launched by finance minister P Chidambaram.

He said that pricing the health insurance product is a problem. Stating that LIC is doing well in the country, it has made a total investment of Rs 4,13,801 crore upto March 2005. In the infrastructure sector, we have made investments to the tune of Rs 52,914 crore, he added.