STOCK MARKET BSE NSE

Growth to deepen insurance cover in India

Published: 02nd September 2016 04:29 AM  |   Last Updated: 02nd September 2016 04:29 AM   |  A+A-

NEW DELHI: As the economy aims to grow at a faster pace than other emerging markets,finance ministry, Arun Jaitley,  on Thursday highlighted the need for strengthening social security apparatus in the country to make India a pensioned and an insured society.

Speaking at the Diamond Jubilee celebration event of the Life Insurance Corporation (LIC) of India in Mumbai, Jaitley said, “As the economy grows faster, I hope we will become a fully insured and socially secured nation over the years, and I am sure LIC can play a very big role in achieving this.”

The minister lamented that we still have not fully realized the importance of adequate social security. Taking a potshot at central trade unions that have called for a national strike on Friday to protest against labour reforms, Jaitley said that a proposal made in the Budget aimed at creating a pensioned society had to be rolled back following unanimous opposition by workers unions.

Jaitley also laid emphasis on the importance of low cost life insurance, low premium accident insurance policies, crop insurance scheme to protect farmers, health insurance scheme for poor and senior citizens, terming them as essential instruments of social security.

Praising Life Insurance Corporation of India (LIC) for remaining the market leader with over 70 percent market even after competition was allowed 16 years ago, Jaitley said, “I am glad that very few monopolistic institutions of the state have prospered in a competitive market environment and still continues to remain the market leader as LIC has done over the years.”

The finance minister also said that health ministry is working on a plan to offer a health cover of ` 1 lakh to the poor.


Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp