LIC says it already meets most IRDAI agent commission caps
LIC isn't stressing over the Insurance Regulatory and Development Authority of India (IRDAI)'s proposed commission limits for insurance agents.
CEO and Managing Director R Doraiswamy shared that LIC already meets most of these caps, so only a few products need minor tweaks.
The changes are meant to keep distribution costs in check, which have crept up after earlier rules were relaxed.
LIC seeks IRDAI review, expands offerings
LIC has asked IRDAI to consider insurers' concerns before making anything final.
Doraiswamy pointed out that smart cost management helps cushion any impact.
Meanwhile, LIC is planning to grow its range of term plans, savings options, annuities, and health services, and they're also pushing further into rural areas as part of the "Insurance for All by 2047" goal.
Oh, and profits? Up more than 20% this quarter.