Finance Ministry to issue notification: In the coming year, the biggest insurance provider in the nation will undergo significant transformation. The Life Insurance Corporation of India also succeeded in getting the amendment bill for this alteration approved, and its composite licencing clause is currently being taken into consideration.
The information from the sources indicates that the applicants will greatly profit from this LIC adjustment. Let us inform you that LIC is getting ready to modify the insurance-related rules this year.
Can apply for multiple categories
Let us inform you that the proposed bill has a clause stating that any applicant may register and submit an application for one or more insurance business categories under any category.
What benefit does a composite licence offer?
Let me clarify that if a company holds a composite licence, it can provide both general and health insurance services under one roof. They won’t need to purchase separate insurance for this.
A new insurance ban has been implemented.
In the event that the LIC Insurance Amendment Bill is passed, the agency states that all insurance-related matters, including those pertaining to composite licences, will be taken into consideration while keeping in mind the Life Insurance Corporation Act of 1956. Re-insurance businesses are also prohibited from registering for any other type of insurance company.
The bill will be presented in the budget session
This measure, which would revise the Insurance Act of 1938 and the Insurance Regulatory and Development Authority Act of 1999, is anticipated to be included in the budget this year. The Finance Ministry is currently preparing to make significant modifications to the insurance law.
Policyholders will receive favourable returns.
To advance policyholders and keep their interests in mind, the Finance Ministry intends to make significant modifications to the insurance law. In addition to providing the policyholders with attractive returns, this will open up new job opportunities, which will spur economic growth.
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