Mumbai: Life Insurance Corporation (LIC), the country's largest life insurance provider, is set enter the health insurance space in about two months. LIC is awaiting a nod from the Insurance Regulatory and Development Authority (IRDA).

"The company will soon enter the health insurance sector and has submitted to the insurance regulator newly-designed quality products in this regard," LIC managing director Thomas Mathew told reporters.

"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 has formed a new subsidiary for taking care of the proposed business, he said. He was speaking on after donating cochlear implants of four hearing-disabled children as part of the company's corporate social responsibility.

Referring to the entry of new players in the Indian insurance space, he said 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.

"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," he pointed out.

Led by LIC, the total new business premium (annualised premium equivalent) for the life insurance sector grew by 110 per cent to Rs35,898 crore, beating industry expectation.

LIC's new business premium has grown by 118 per cent to Rs25,645 crore. "This is largely because of LIC's new product launches and aggressive marketing efforts," said an LIC official.

As many as five private sector insurers have reported 100 per cent-plus growth in their new business. This growth is largely driven by robust demand for unit-linked insurance products. In fact, more than 80 per cent of this growth for private life insurers has come through unit-linked insurance products.

"The 118 per cent growth is primarily due to our unit-linked insurance products and the new policy launched earlier this year," the LIC official added. This new policy combines the features of ULIPs and pension policies.