The United States Trade Representative’s (USTR) claims that the Indian government gives the Life Insurance Corporation of India (LIC) special treatment have been denied. LIC stated that the government and regulators regard it the same as they do any other insurance firm.
According to USTR’s National Trade Estimate 2025 study, clients choose LIC over private insurers because of the Indian government’s clear sovereign guarantee on each LIC policy, which gives the state-owned business an unfair competitive edge.
According to LIC’s statement, the guarantee, which was offered when the company was founded in 1956, is a legislative measure intended to foster public trust during the first years of nationalization. It has never been brought up, used as a promotional tool, or given LIC an unfair advantage.
“LIC and 24 other private life insurance firms have been operating in a completely competitive market for the last 25 years. According to the insurer, it is subject to IRDAI and Sebi regulation and is not given preferential treatment by the government or any regulatory body.
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