LIC's clarification on the recent changes in rules raised by the agents to the Hon'ble Leader of the Opposition

_Today some of the LIC agents met the Hon’ble Leader of Opposition and raised certain issues._*

“ _We want to clarify that LIC has introduced products that align with the New Product Regulations set by IRDA, effective from October 1, 2024, keeping policyholders’ interests at the forefront_ .” said *Siddhartha Mohanty, CEO&MD, LIC.*

“ _Committed to broadening life insurance coverage, LIC has consistently focused on reaching rural areas and economically and socially disadvantaged sections. Our aim is to extend financial protection to every insurable individual at an affordable cost_ .” *Shri. Mohanty said.*

*Shri Mohanty* added “ _With a diverse portfolio catering to various customer segments and different strata of society, LIC fully complies with all regulatory requirements. As an example, our Micro Bachat plan offers a minimum sum assured of ₹1 lakh and is exempt from GST, ensuring accessibility. Post changes in product regulations, the commission has not been reduced for agents, it has been given in staggered manner_ .”

“ _LIC remains dedicated to providing financial security to its policyholders while also supporting the well-being of its agency force_ .” *Shri Mohanty said.*