The Secretary, Department of Financial Services (DFS), outlined a comprehensive strategic vision for the Life Insurance Corporation of India (LIC) while delivering the keynote address at LIC’s Strategy Meet held in Mumbai. The event featured high-level deliberations on marketing and business strategy, technology transformation, human resources strategy and strategic asset allocation.

The Secretary said LIC is not merely an insurance company but a Domestic Systemically Important Insurer (D-SII), a designation by the Insurance Regulatory and Development Authority of India (IRDAI) that places significant responsibility on the organisation. Emphasising that LIC’s stability is closely linked to India’s financial stability, the Secretary noted that the institution has undergone a historic transformation from a traditional brick-and-mortar organisation to a value-driven, digital-first financial powerhouse.

Highlighting changes in LIC’s product portfolio, the Secretary pointed to a strategic shift towards high-growth non-participating products. Through agile innovation, LIC is increasingly attracting younger customers with customisable ULIPs and “Return of Premium” plans, along with products such as Yuva Term, Digi Term and Index Plus.

The Secretary underlined that LIC’s extensive agency network continues to be its strongest asset. Under the Jeevan Samarth initiative, the agency force has expanded to over 14.8 lakh agents, with a focused push on the 18–40 age group. The Bima Sakhis initiative, aimed at creating women career agents, has also seen strong traction, with more than 2.9 lakh Bima Sakhis securing over 14 lakh policies and extending coverage to over 50 per cent of panchayats. The Secretary expressed confidence that all panchayats would be covered under the initiative by next year.

On the technology front, Project DIVE was highlighted as LIC’s flagship digital transformation programme, encompassing a MarTech platform, sales and customer super apps, a unified data lake and end-to-end digital lifecycle integration targeted for completion by late 2026.

The Secretary expressed satisfaction over LIC’s consolidated assets under management of Rs 57.23 trillion and a yield of 8.9 per cent on policyholders’ funds, supported by a strong solvency ratio of 2.13. He noted that this corpus could be leveraged to incentivise the growth of start-ups and alternative investment funds, while stressing the need to improve persistency ratios, particularly among low-ticket policyholders.

Concluding, the Secretary said LIC has emerged as a tech-enabled, capital-efficient leader while retaining its position as the most trusted brand in Indian households. He urged continued adoption of digital marketing and a mobile-first approach to help realise the national objective of “Insurance for All.”