Life Insurance Corporation of India (LIC) is aiming to raise its market share in non-participating insurance products as well as diversify the channel mix. Having a market share of 65 per cent, the state-owned life insurer offers 17 individual participating products, 17 individual non-participating products, 11 group products and 7 products with rider benefits.
Non-participating life insurance products do not offer any bonuses or add-ons such as dividends to the policyholders. A pure term life insurance policy is non-participating product offering a fixed cover against payment of the policy premium.
Life Insurance Corporation of India, popularly known as LIC is Indian state-owned insurance group and investment company.
