The Life insurance Corporation of India or LIC is now stepping into a sector where more than 860 million Indians or nearly 60% of the population still has no coverage. The insurer signalled its big move into health insurance in March this year with a major acquisition—49% of Manipal Cigna, a private health insurer, in a deal valued at over ₹3,500 crore.

And here’s where things get really interesting.

This is LIC we are talking about. It doesn’t need to chase quarterly returns or exist to make shareholders rich. It exists to do things, to fix things and show up when the government needs a nudge—or a battering ram. And in a country where trust, access, and affordability in healthcare are still broken concepts for most, a battering ram could be exactly what’s needed.

In this episode, we are look at LIC’s entry into health insurance and how the rest of the sector is bracing itself. Because if LIC gets this right, it won’t just be another player in the market. It could be the market.

If you have any thoughts or questions about this episode, send them us as texts or voice notes on Daybreak’s WhatsApp at +918971108379. 

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.