Mumbai, July 6 -- Life Insurance Corporation of India chief executive and managing director R. Doraiswamy has outlined a vision centred on protection-oriented products, a revamped product portfolio and a cautious assessment of the global economy.

In his message in the 69th annual report, Doraiswamy said the uncertain global environment had reinforced the importance of financial protection, leading to sustained demand for term insurance and protection-oriented solutions.

He described the sector as continuing to shift towards protection, digitization and customer-centric innovation.

He separately flagged the effect of market conditions on LIC's investments. Heightened volatility in equity and debt markets had affected investment returns,...