India, Sept. 2 -- India's low insurance penetration, coupled with economic growth, rising household incomes, increasing financial awareness and longer life expectancy, is expected to drive strong demand for protection, savings and retirement products in the coming years, LIC CEO & MD R Doraiswamy said on Tuesday.

"Meeting that demand, while adapting its distribution and product mix to a more competitive and digital market, will define LIC's next chapter," he said on the Corporation's 70th foundation day.

LIC came into existence on September 1, 1956, through an Act of Parliament. Observing that 70 years of leadership do not remove the challenges that lie ahead, Doraiswamy said customers today have more choices than ever before, and techn...