Mumbai: In one of its interactions with global investors in the process of setting the record, LIC officials have indicated that life insurance companies are expected to propose a design of prospectus with SBI in the third week of January.
For several months, officials at the Ministry of Finance have stated that LIC will be a registered entity before the 2022 fiscal ends.
The size of the IPO is expected to be worth around RS 1 Lakh Crore which will make it the largest equity offer in India.
Among a number of other information shared by LIC officials with investors is the main focus of life insurance on non-participating products such as ULIPS, pensions, annuities and health insurance products, said source.
This is part of LIC efforts to diversify the mixture of products and increase sales of non-participating products and launch new products that do not participate, they said.
As part of its growth plan, to compensate for changing demographic patterns from India, the majority of life insurance also wants to recruit more millennial agents.
According to some estimates of around 67% of the Indian population are in the age group of 15 years to 64 years and an average age of almost 9 years.
LIC officials also told investors that they wanted to increase their market share from the bancassurance channel because they were in the process of binding with more partners.
Life insurance majors also encourage digital adoption for Bancassurance partners to increase productivity, source said.
Officials also told investors how crafty do you want to increase the advantages and sale of crosses to individual customers, increasing the average ticket size of the product he sold and also increases the productivity of the Army.
In previous presentations to prospective investors in LIC IPO, his officials had told them how insurance companies wanted to use their digital strategies to grow their business.