The Life Insurance Corporation of India (LIC) has taken note of the USTR’s recent remarks regarding the favourable treatment extended to LIC by the Government of India.
LIC wishes to clarify that Life Insurance Corporation of India is treated like any other insurance company by the Government and Regulators. The guarantee—provided at the time of its establishment in 1956—is a statutory provision designed to build public confidence in the early years of nationalisation. It has never been invoked or used as a marketing tool or provided any undue advantage to Life Insurance Corporation of India.
For the past 25 years, Life Insurance Corporation of India has operated in a fully competitive market alongside 24 private life insurance companies. It is regulated by IRDAI and SEBI and receives no special treatment from the Government or any regulatory authority.
Life Insurance Corporation of India’s leadership in the insurance sector is entirely due to the trust of its policyholders, its commitment to service excellence, and its financial strength and transparency. With a legacy of over 69 years, Life Insurance Corporation of India continues to serve over 30 crore customers across India with dedication and professionalism.
We firmly believe the USTR’s views are based on an incomplete understanding of Indian insurance regulation and Life Insurance Corporation of India’s functioning. We urge for a more balanced and factual appreciation of Life Insurance Corporation of India’s role and contribution to financial inclusion and policyholder protection in India.
“Life Insurance Corporation of India remains committed to upholding the highest standards of governance, service, and customer trust” Siddhartha Mohanty, CEO&MD, Life Insurance Corporation of India has said.
