LIC counters Rahul Gandhi, says it’s committed to policyholders, agents

New Delhi, Mar 20: Refuting claims of Leader of Opposition Rahul Gandhi, Life Insurance Corporation of India (LIC) has said that it remains dedicated to providing financial security to its policyholders, while also supporting the well-being of its agents.

The clarification came a day after some of the LIC agents met the Leader of Opposition and raised certain issues regarding recent changes in rules by IRDAI and LIC, which make insurance less affordable for the poorest and most marginalised communities and weaken the position of agents.

“We want to clarify that LIC has introduced products that align with the New Product Regulations set by Irdai, effective from October 1, 2024, keeping policyholders’ interests at the forefront,” LIC CEO & MD Siddhartha Mohanty said in a statement.

LIC has consistently focused on reaching rural areas and economically and socially disadvantaged sections as it is committed to broadening life insurance coverage, he said.

“Our aim is to extend financial protection to every insurable individual at an affordable cost,” he said.

Gandhi after meeting a delegation of LIC agents from around the country at Parliament House on Wednesday had posted on social media that they spoke candidly about their concerns regarding recent changes in rules by IRDAI and LIC, which make insurance less affordable for the poorest and most marginalised communities and weaken the position of agents.