LIC Can Sell Health Insurance,

Shortlisted 5 Companies For Acquisition

The Life Insurance Corporation of India (LIC) can now enter the health insurance business as well, for which it is thinking of buying a health insurance firm.

LIC has shortlisted five standalone health insurance companies, out of which it can consider acquiring one.

Earlier, LIC Chairman Siddhart Mohanty had hinted about the company's entry into the health insurance sector.

Before LIC enters the health insurance sector, the government will have to amend the existing insurance law.

In a report by News Agencies PTI, it was said that by amending the Insurance Act, LIC will be given a comprehensive license.

But according to the Insurance Act 1938 and the current rules of IREDA, a comprehensive license cannot be given to sell life insurance, health insurance, or general insurance.