LIC Looking For IRDA Clearance For Health Insurance Entry

INDORE: Life Insurance Corporation (LIC) is set foray the health insurance space in about two months as it is awaiting an approval from the IRDA. The company will soon foray the health insurance sector and has submitted to the Insurance regulator (IRDA) newly designed quality products in this regard. Once the company receives clearance from the regulator, LIC will formally declare its foray. The company has formed a new subsidiary for taking care of the proposed business. The company''s total market share in life insurance sector is above 75 per cent, while the remaining 25 per cent is owned by 15 private players.