LIC plans to buy a private health insurance company ...Middle East

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LIC plans to buy a private health insurance company
LIC, with assets worth over ₹51 trillion and a market share of over 61.5% in life insurance, is keen to secure a composite licence—a licence planned to be introduced by the Insurance Regulatory and Development Authority of India (Irdai) that will allow an insurer to sell both life and non-life policies. “For LIC, this makes sense. The work is on internally. The composite licence may take about 2–3 months and then, LIC may consider acquiring an established health insurance company and grow the business from thereon,” one of the two executives cited above said on condition of anonymity. LIC submitted its health insurance plans to Irdai recently, but it does not involve any propo

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