“LIC will have a small stake, which will not be a majority but will still have a say in the management,” an industry source said, adding that the corporation’s interest is in maintaining a strategic involvement in the health insurer.
There are seven stand-alone health insurance companies in India, including the listed Star Health Insurance.
LIC is looking to tap into the fast-growing health insurance market, which it believes is poised to expand further as healthcare costs continue to rise.
agencies“Health insurance holds great potential as life expectancy and critical health costs increase. Only 3% of overall healthcare costs are covered by insurance,” said another source.
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The health insurance sector is now the fastest growing segment in the country’s insurance industry, driven by rising healthcare costs and awareness of the need for coverage.
While the parliamentary committee has recommended joint license for insurers to undertake life, general or health insurance under one entity, LIC will not require a joint license to buy stake in a health insurance company.
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