Life Insurance Corporation of India (LIC) is set to enter the health insurance sector, with discussions on acquiring a health insurer in the final stages, CEO Siddhartha Mohanty told CNBC-TV18 on Tuesday, March 18.

LIC aims to finalise and announce the acquisition before March 31, marking a significant expansion into the growing health insurance market.

Mohanty clarified that LIC will not hold a majority stake in the company it acquires.

The move is expected to strengthen LIC’s presence in the insurance sector, leveraging its vast customer base and distribution network.