LIC To Shift New Ventures Outside Mumbai

The Life Insurance Corporation of India will be shifting its two new ventures outside Mumbai. The corporation''s new health insurance business will be located in Hyderabad and its credit card subsidiary will be in New Delhi. Of late, the Mumbai-based LIC has opened a separate health insurance department and carved out subsidiaries for its credit card and pension business. The health insurance department will be headed by Mr D.D. Singh, Executive Director, LIC, while the credit card venture will be captained by Mr Hemant Bhargava. With housing in Mumbai turning too costly, LIC has decided to shift out some of its offices. Although LIC is the second-largest real-estate owner in the country, next to the Indian Railways, providing accommodation to employees has become difficult.