LIC to set up training subsidiary

State-owned Life Insurance Corporation has decided to form a subsidiary to impart training in insurance - life and non-life sector. It would be a multi-partner venture.

"General Insurance Corporation and Insurance Institute of India have approached us to explore prospects to forge alliance," A K Shukla, chairman, LIC said.

He was speaking at inauguration of a week-long exposition as part of life insurer's golden jubilee year celebrations.

LIC is also in talks with Indira Gandhi National Open University for this venture. It (LIC) would make available its training infrastructure spread across the country for the venture.

On micro life insurance product, Shukla said LIC has already filed a product with the regulator. LIC has sought Irda's permission to allow its zonal offices to tie up with different non-life insurers to market the product.

An internal team is devising training programme for micro-insurance agents. These agents are expected to undergo 25-hour training against mandatory 100-hour course for regular agents.

The corporation has also formed a group to look into feasibility of having a single window for composite insurance product covering life, non-life, healthcare and crop insurance.

The group would study regulatory and infrastructure aspects and prepare report in six months. Later, LIC would go to the government with proposal, he said.

About the credit card venture, Shukla said LIC will sign a memorandum of understanding with consultancy firm KPMG which would be advise on whether it (LIC) should enter into this business.