Which app has been launched by LIC for new customers, agents and intermediaries?

The Life Insurance Corporation of India (LIC) launched the ANANDA mobile app to facilitate a seamless, paperless onboarding process for new customers through its agents and intermediaries.

The ANANDA app represents LIC's commitment to leveraging technology for improving customer experience and operational efficiency in the insurance sector.

Life Insurance Corporation of India (LIC):
The Life Insurance Corporation of India (LIC) is a government-owned insurance and investment corporation, established on September 1, 1956, under the LIC Act, 1956. It is the largest life insurance provider in India, offering a wide range of policies to cater to various customer needs.

Digital Onboarding: Enables agents to register new LIC policies remotely, eliminating the need for physical paperwork.
Paperless KYC: Utilizes Aadhaar-based e-authentication for Know Your Customer (KYC) processes, streamlining verification.
Agent Accessibility: Designed specifically for LIC agents and intermediaries to enhance efficiency in policy issuance.
Non-Medical Cases: Primarily facilitates the issuance of non-medical insurance policies.
Limitations: Certain policies, such as child plans and Unit Linked Insurance Plans (ULIPs), are not available through this app.

Ownership: Fully owned by the Government of India.
Purpose:
- To provide life insurance to individuals and promote savings through insurance-linked investments.
- Ensure financial security and risk coverage.
Headquarters: Mumbai, Maharashtra.

Life Insurance Policies (Endowment, Term Plans).
Pension Plans and Annuities.
Investment and Market-Linked Plans.
Health Insurance.

LIC Act, 1956: Governs LIC's establishment and functioning. Ensures transparency and public accountability.
IRDAI (Insurance Regulatory and Development Authority of India): LIC operates under IRDAI regulations to ensure customer protection and policy compliance.
Privatization and IPO: LIC launched its Initial Public Offering (IPO) in May 2022, marking partial divestment while the government remains the majority shareholder.
Income Tax Provisions: Policies qualify for tax benefits under Section 80C (Premium Paid) and Section 10(10D) (Maturity Proceeds) of the Income Tax Act, 1961.