Life Insurance Corporation MD and CEO Siddhartha Mohanty on Friday said the state-owned company will take a call on buying a stake in a standalone health insurer in the current financial year.
"The ground work is going on search for suitable health insurance company is going on we will finalise stake within this financial year," he said during post result media conference.
Asked about the quantum of stake LIC will have in health insurance company, he said it would depend on various factors, including valuation.
Once all the groundworks are done, he said, LIC would approach the board for its approval to foray into the health insurance segment.
In February 2024, a parliamentary committee recommended the implementation of composite insurance licenses to reduce expenses and regulatory burdens for insurance providers. At present, life insurance companies are restricted to offering extended health insurance benefits.
