ISO 9001:2015

Role of LIC in Promoting Financial Inclusion

Dr. Manjari Sinha

In this research paper, I have focused on the role of Life Insurance Corporation of India (LIC) in promoting financial inclusion across the country. I personally believe that financial inclusion is not only about providing access to banking but also about ensuring that common people, especially those living in rural and semi-urban areas, have access to safe savings, insurance, and long-term financial security. LIC, being one of the largest and most trusted public sector institutions in India, has made continuous efforts to reach the financially excluded sections of society. Through affordable insurance products, micro-insurance schemes, and wide distribution networks, LIC has been able to cover millions of low-income families. My study tries to highlight how LIC’s policies and services have contributed towards reducing financial vulnerability and increasing awareness about risk protection among the masses. I have also observed that despite its strong presence, LIC faces challenges like lack of awareness, procedural difficulties, and limited penetration in remote villages. The purpose of this paper is to analyze both the achievements and the limitations of LIC in promoting financial inclusion and to suggest ways through which it can strengthen its role in building a more inclusive financial system in India.

Sinha, M. (2025). Role of LIC in Promoting Financial Inclusion. International Journal of Education, Modern Management, Applied Science & Social Science, 07(03(II)), 150–161. https://doi.org/10.62823/ijemmasss/7.3(ii).8211

DOI:

Article DOI: 10.62823/IJEMMASSS/7.3(II).8211

DOI URL: https://doi.org/10.62823/IJEMMASSS/7.3(II).8211


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