Page 15 - The Insurance Times June 2025

L L L L Lii ii iff ff fe Ie I e Ie I e Inn nn nss ss suu uu urr rr raa aa ann nn ncc cc cee ee e

News

LIC Increases Stake in Bank
LIC Launches WhatsApp Bot for Premium Payment
of India to 8.38%
Convenience
Life Insurance Corporation of India
Life Insurance Corporation of India (LIC) has introduced a WhatsApp-based (LIC) has raised its equity stake in Bank
bot to streamline premium payments for policyholders. Launched on May of India (BoI) to 8.38% as of May 9,
9, 2025, the service allows registered users to interact with the LIC 2025. The state-owned insurer
WhatsApp number 8976862090 to view due policies and pay premiums via acquired an additional 2.026% stake
UPI, net banking, or cards-all within the messaging app. over a period spanning September 2,
The initiative offers a seamless customer experience, including receipt 2021, to May 9, 2025, as disclosed by
generation, entirely through WhatsApp. LIC MD & CEO Siddhartha Mohanty the bank in a regulatory filing.
highlighted that this digital tool would enhance operational ease and provide LIC's holding rose from 6.35% to 8.38%
policyholders with a convenient payment alternative anytime, anywhere. during this time. This move underlines
LIC's customer portal already sees daily logins from over 3 lakh users and LIC's sustained confidence in the
has a user base exceeding 2.2 crore registered policyholders. The new banking sector and its strategic stake
WhatsApp feature is expected to significantly boost service efficiency and enhancement in public sector
customer satisfaction, aligning with LIC's commitment to leveraging institutions. Following the announce-
ment, shares of Bank of India saw a
technology for better outreach.
2.27% uptick, closing at Rs. 112.55 on
the BSE.
Aditya Birla Sun Life markets, the partnership supports the
broader industry goal of "Insurance for LIC Top Management
Partners Equitas SFB to All by 2047." Kamlesh Rao, MD & CEO
Expand Insurance Access of ABSLI, emphasized how the alliance Reshuffle Scheduled for
Aditya Birla Sun Life Insurance (ABSLI) will deliver comprehensive protection June
has partnered with Equitas Small solutions to a wider customer base. Life Insurance Corporation (LIC) will
Finance Bank to enhance life insurance Equitas SFB's Murali Vaidyanathan witness a major leadership reshuffle in
access through the bank's nationwide reiterated their open architecture June 2025. The tenure of current MD
branch network. This tie-up enables strategy to offer third-party financial & CEO Siddhartha Mohanty concludes
Equitas customers to avail ABSLI's suite products for holistic customer service. on June 7. The Centre has appointed
of life insurance products-such as the ABSLI, a joint venture between the Dinesh Pant and Ratnakar Patnaik as
Salaried Term Plan, Nishchit Aayush Aditya Birla Group and Canada's Sun new Managing Directors effective June
Plan, and Assured Savings Plan-directly Life Financial, reported assets under 1. Pant, currently LIC's Executive
from its branches. management of Rs. 99,496 crore and Director and Actuary, will serve until

Targeting increased financial inclusion, gross premium income of Rs. 20,639 May 2027.
especially in semi-urban and rural crore as of March 31, 2025. Patnaik, former Chief Investment

14 June 2025 The Insurance Times