India’s largest life insurance services provider Life Insurance Corporation (LIC) is set enter the health insurance space in about two months as it is awaiting a nod from the IRDA.

Thomas Mathew told reporters here today. “Once the company receives approval from the regulator, LIC will formally announce its entry,” Mathew said, adding the formal launch will take about two months.

“The company will soon enter the health insurance sector and has submitted to the Insurance regulator (IRDA) newly- designed quality products in this regard,” LIC Managing Director. The company has formed a new subsidiary for taking care of the proposed business, he said after donating cochlear implants of four hearing-disabled children as part of the company’s corporate social responsibility.

Referring to LICs growth in view of the entry of number of private players, he said: “LIC is number one in the world in terms of total number of policy holders, 22 crore at present, which is more than the population of many countries.” The company’s total market share in life insurance sector is above 75 per cent, while 15 private players own the remaining 25 per cent. Of these nine private firms have just one per cent share, he said.

Tamil Nadu is the first to implement the scheme -Benefits up to Rs 2 lakh once in 4 years: Special State news release

CHENNAI: Chief Minister M. Karunanidhi on Sunday announced that the State Government would implement a health insurance scheme for its employees to provide medical benefits up to Rs 2 lakh once in four years.

Addressing the Silver Jubilee Conference of the Tamil Nadu Government Employees’ Union (TNGEU), here, he said the scheme would enable the employees to avail themselves of treatment in government and private hospitals. Both the Government and the employees would contribute towards the premium and the scheme would be functional with the help of insurance companies, he added.

There was no such scheme in operation in the country now and Tamil Nadu would be the first State to implement such a scheme. Mr. Karunanidhi said the details of the scheme would be announced shortly.He said that the earlier All India Anna Dravida Munnetra Kazhagam government, which recruited temporary staff to make sure that the government employees’ strike failed, later dismissed them abruptly.

All the 11,356 temporary employees had been taken back in various government departments and State-owned undertakings, he said, adding that one of the demands of the Union was to make these employees permanent. The Government too accepted this and they were absorbed after the Public Service Commission conducted a special test for them. The High Court had favored the

Government when some people went to court against appointing these people on a permanent basis, he said. Referring to the charter of demands submitted by TNGEU, he said “Your demands will be met after studying them in detail. These demands need not be debated. It can be decided after discussing with the officials concerned and they would be announced one by one.”

Recognition for unions

On the demand related to granting recognition for two employees’ unions, he said the Government had called for particulars from the organizations concerned and orders would be issued after considering them.

Mr. Karunanidhi advised the employees union not to lose its fighting character. This did not mean that the employees had to oppose everything. They had to take a considered view of a problem and decide on a course of action.

He was saying this because he had been on the forefront of many agitations and was aware of the power of organized unions. Only when the trade unions were strong and vibrant would the hard-earned freedom that all enjoyed be safe and secure, he said.