Business · India Bureau
LIC to Combat Misselling at Point of Sale, Eyes Double-Digit Growth
Life Insurance Corporation of India is prioritizing measures to address misselling issues at the retail level while maintaining its value of new business margin. The insurer also targets sustained double-digit growth alongside a strengthened distribution network.
LSN India ·
Life Insurance Corporation of India must tackle the problem of misselling at the point of sale, according to senior leadership at the state-owned insurer. The focus on retail-level compliance reflects LIC's commitment to ensuring ethical sales practices across its vast distribution network.
LIC aims to maintain its value of new business (VNB) margin within the 24-25% range while pursuing double-digit growth targets. The strategy underscores the company's balancing act between profitability and expansion in a competitive insurance market.
The insurer is simultaneously refining its investment strategy to navigate market conditions and strengthen its distribution capabilities. These parallel initiatives position LIC to enhance both policyholder protection and shareholder returns.
Addressing misselling at the point of sale is critical for maintaining consumer confidence in insurance products and ensuring regulatory compliance. LIC's emphasis on this measure reflects broader industry concerns about ethical sales practices in the insurance sector.