Pension and group schemes businesses have started picking up, said Vipin Anand, Managing Director of the Life Insurance Corporation of India (LIC India), on Monday. After a sharp deceleration in November, the life insurance industry saw a good recovery in December.

Speaking with CNBC-TV18, Anand said, “Pension and group scheme business which now constitutes a substantial portion of our business has started picking up. In the previous month also we had a substantial contribution from this channel.”

On budget expectations, he said, “We do feel there is a need for bringing back some of the tax incentives for insurance, which existed almost a decade ago because this is a sector which contributes hugely to provide long-term funds for national development and this should work good both for the government as well as the insurance sector.”

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(Edited by : Ajay Vaishnav)