Life Insurance Corporation of India (LIC)

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Life Insurance Corporation of India (LIC) is the largest insurance company in India and boasts of a very large customer base. With a claim settlement ratio of 98.04% for the year 2017-18, LIC offers a diverse range of insurance portfolio catering to various needs of its customers.

The Life Insurance Corporation of India (LIC) is a state-owned insurance group and investment company. It is the largest insurance company in India with an estimated asset value of Rs 1,88,3018.82 crore.

Established in 1956, The Life Insurance Corporation of India offers a variety of insurance products to its customers such as insurance plans, pension plans, Unit Linked plans, special plans and group schemes as well as online child insurance plans

The LIC of India currently has a network of close to 2,048 branches and 1,337,064 agents operating in different cities and towns all over the country.

Why To Opt for LIC Life Insurance Plans?

LIC is said to be the largest life insurance company in the world with 23 crore customers and counting. It offers some of the most reasonably rated premiums and adequate coverage options, regardless of which walk of life an individual belongs to. The brand name is not the sole reason one should opt for LIC since it is not ideal to rely on life insurance products from a single brand. Here is why one should opt for LIC as a life insurance provider:

  • Technologically superior Network: LIC has been the leader as an insurance provider for its efforts to stay ahead of the game by being at par if not better in terms of its network when it comes to providing advanced and efficient services with over 2000 branch offices and 156 satellite branches. The company uses technology such as WAN, IVRS, LAN,IVRS & even EDMS that allow people to go paperless when dealing with insurance documentation.
  • Not Alone in the Game: The company does not work alone but partners with insurance and financial tycoons including NSE, LIC Mutual Fund, NCDEX, Stock Holding Corporation of India, Insurance institute of India and National insurance Academy among many similar organizations. Hence, it is working through convergence as well.
  • Going International: It has fully functional offices in countries such as Nepal, Sri Lanka, .Saudi Arabia and Bahrain. LIC has also been ambitious enough to plan opening offices in Australia, Canada and USA.
  • Product Variety: You will soon discover from the below given list that this company boasts of one of the highest numbers of policy types available in life insurance alone. It has the largest portfolios when it comes to life insurance group schemes to be one of their highlights. They have a huge clientele of corporates for group insurance.
  • Innovation in the Industry: The company launches new products every other quarter and they are mostly to serve the society than to make profits although they are doing pretty well as an insurance company, financially. They were the first to launch micro-insurance products so that people living below the poverty line in India could afford insurance for a certain amount of discount.
  • Performance in The Stock Market: When it comes to stock market positioning, LIC stocks are one of the most stable stocks available in the BSE. Some of the most well-performing stock lists almost always feature this company especially when it comes to insurance providers.

Types of Plans Available From LIC:

LIC Endowment Plans:

Plan Type Basic Sum Assured Term
LIC Single Premium Endowment Plan Rs. 50,000 25 years
LIC New Endowment Plan Rs. 1 lakh 35 years
LIC’s New Jeevan Rakshak Rs.75,000 (per life) 20 years
LIC’s Limited Premium Endowment Plan Rs. 3 lakh 12 16, and 21 years
New Jeevan Anand Rs. 1 lakh 35 years
LIC’s Jeevan Labh Rs.2 lakh 16, 21, and 25 years
LIC’s Jeevan Pragati Rs.1.50 lakh 12 to 20 years
New Jeevan Lakshya Rs. 1 lakh 25 years

LIC’s New Jeevan Rakshak: For people who wish to use an endowment non-participating non-linked plan which consists a well shared combination between savings and protection, might find this policy useful. This plan besides the death and maturity benefits, comes with loan facility against the policy.

New Jeevan Anand: The return from this policy is either 125% of the sum assured or two times of all the premiums. Otherwise, there is the advantage of the minimum death benefit to be paid to the nominated at 105% and nothing less than that. The maturity benefit can go up to denominations of Rs. 2 lakhs.

LIC’s Jeevan Labh: This is a participating endowment plan. The policy allows participation in the profits of the company and hence allows the policyholder to enjoy simple reversionary bonuses along with final additional bonuses at the time of maturity. The death benefit also includes the above and nothing less than 105% of the sum assured.

LIC’s Jeevan Pragati: This plan is a non-linked but profits plan providing cover automatically for risk in the course of 5 policy years. Loans are available for liquidity needs against this policy. It also has accident bonus along with the basic sum assured payout of 125% in the 6th and 10th policy years and 150% of basic sum assured in the 11th and 15th year of policy and from thereon it becomes 200% of the basic sum assured.

LIC’s Jeevan Lakshya: The age of entry for this plan is 30 years, but the policy Term is only 25 years, considering the basic sum assured is Rs. 1 lakh and the annualised premiums are as low as Rs. 4366. This plan offers loan facility along with great maturity benefits and is non-linked participating endowment plans for people who want protection and savings at the same time.

LIC Money Back Plans:

Plan Type Basic Sum Assured Term
LIC New Money Back Plan - 20 Years Rs. 1 lakh 20 years
LIC New Money Back Plan - 25 Years Rs. 1 lakh 25 years
LIC New Bima Bachat Plan Rs. 1 lakh
  • For 9-year policy term: Rs.35,000
  • For 12-year policy term: Rs.50,000
  • For 15-year policy term: Rs.70,000
LIC’s Bima Diamond 10 x annualized premium 12, 16 or 20 years
LIC’s Jeevan Tarun Rs.75,000 25 – (minus) Entry age of the policyholder
LIC New Children’s Money Back Plan Rs. 1 lakh 25 – (minus) Entry age of the policyholder

New Money Back Plan - 20 Years: The 20 year new money back plan comes with not only death benefits and maturity benefits, similar to other life insurance plans but it also has the major advantage of survival benefits as well as optional benefits. This money back plan also is a participating policy which allows the policyholder to enjoy simple reversionary bonuses from LIC as a part of participating in the company’s profits.

New Money Back Plan - 25 Years: This plan is very similar to New money Back Plan except the difference in Term and the years, the benefits are paid out. This plan also has a survival benefit along with the regular death and maturity benefit. It is a participating money back plan which means that the policyholder also enjoys an amount from the company’s profit. The fact remains that LIC is one of the leading insurance providers in India which means the company does make profits often.

New Bima Bachat Plan: This plan has a money back advantage for it’s users in the most convenient terms of 9 , 12 and 15 years. In these terms within the interval of 3 years, people can enjoy the money back advantage of 15% of the sum assured. Also, this product requires only a large lump sum one-time premium, which is also a good one time-investment plan if you are looking for a long-term investment.

LIC’s Jeevan Tarun: This plan is specially designed to meet the educational and other needs of growing children through annual survival benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years. It is a flexible plan wherein at proposal stage the proposer can choose the proportion of Survival Benefits to be availed during the term of the policy. Note that this policy can be bought by a grandparent or parent for their grandchildren or children as long as they are less than 12 years of age.

LIC’s Bima Diamond: This is a new plan with money back pay outs for people who opt for this plan. The basic sum assured will be paid out in certain specified time intervals as per the term chosen by the policyholder, which ranges between 9 to 20 years. There is also the advantage of optional and bonuses based on the company’s policies.

New Children’s Money Back Plan: This particular plan is made to serve the needs of the a growing child, whether it is in the form of education or nurture his skills at a sport. This plan intends to help children through adulthood with ease. This insurance policy that can be a great gift for your child is meant for children whose parents like to plan ahead.

LIC Term Assurance Plans:

Plan Type Basic Sum Assured Term
LIC's Anmol Jeevan II Rs. 24 lakhs 25 years
LIC's Amulya Jeevan II Rs. 25 lakhs 35 years
LIC's e-Term: Rs. 25 lakhs (Rs. 50 lakhs for non-smokers) 35 years

LIC's Anmol Jeevan II: This is a revised protection plan that offers fiscal protection to the family of the insured in case of his/ her unfortunate demise and is made suitable the dependents at home.

LIC's Amulya Jeevan II: This is a minimal and basic plan for long-term investment of your child. There also some regular benefits of the product, which is much needed, is a product such as this.

LIC's e-Term: The LIC e-Term (Online term plan) allows people to apply and maintain their term life insurance plan online. This is a regular non-participating online term assurance plan which provides families with the financial security they require after and if the policyholder is no more.

LIC's NEW TERM ASSURANCE RIDER - (UIN: 512B210V01):

This is a rider that provides life cover to the family of the insured in case of his/her untimely death. The rider can be integrated with a base policy to provide additional benefits at low cost premiums.

LIC ULIP Plans:
Plan Type Basic Sum Assured Term
LIC's New Endowment Plus 10 x Annualized Premium N.A.

LIC's New Endowment Plus: Though this is an endowment plan, but it is a linked product as well. This policy also helps make more tax savings and ensure the financial security of your family at the same time. The sum assured is variable i.e. the yearly premium is multiplied with 10 and whatever is the number, will be the sum assured. There are the regular benefits with this product but it also is a linked plan, allowing people the chance to invest through their insurance.

LIC Pension Plans:

Plan Type Basic Sum Assured Term
LIC's New Jeevan Nidhi Rs. 1 lakh to 50 lakhs N.A.
Jeevan Akshay-VI Rs. 1 lakh N.A.

Jeevan Akshay-VI: This pension plan, under LIC has several benefits including the complete life cover, but also provide a stable source of income from investment from this plan. It is a annuity plan and requires the payment of a single premium. There are multiple modes of payment available for the annuities.

LIC’s New Jeevan Nidhi: This plan provides for vesting and immediate annuity at the same time to help maintain stability. Also it is a single premium pension plan but the payments are deffered. The death benefit in total including other bonuses are given to the nominated in the form of a lump sum amount and annuities.

LIC Micro Insurance Plans:
Plan Type Basic Sum Assured Term
LIC's New Jeevan Mangal Plan Rs.50,000
  • For regular premiums: 10 years to 15 years.
  • For single premiums: 5 years to 10 years
LIC’s Bhagya Lakshmi Rs.50,000 2 years + premium paying term (PPT)

LIC’s New Jeevan Mangal Plan: This plan is made to ensure that, with a little investment and for a little time, one can assure financial security for their loved ones, to a certain extent. This micro-insurance product is known to be very useful as a life insurance with accident cover, which adds as double benefit to your insurance policy.

LIC’s Bhagya Lakshmi: This is a micro-insurance plan which means that it is a plan for short spans of time with limited protection of payment. It allows you to enjoy a cover of 110% of the sum assured at the end of the maturity term or as death cover.

LIC Group Plans:

Plan Type Basic Sum Assured Term
LIC's Group Credit Life Insurance Rs.4 lakhs 5 to 35 years
LIC's SINGLE PREMIUM GROUP INSURANCE Rs.10 lakhs 2 years to 7 years
LIC's New Group Leave Encashment Plan Rs. 1000 (minimum) Yearly renewable
LIC's NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN I Rs. 1000 (minimum) Yearly renewable
LIC's NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN II Rs. 1000 (minimum) Yearly renewable
LIC's New Group Gratuity Cash Accumulation Plan Rs. 1000 (minimum) Yearly renewable
LIC's New Group Superannuation Cash Accumulation Plan N.A Yearly renewable

LIC's New Group Superannuation Cash Accumulation Plan: This is a group plan with contribution required. While some benefits are variable, there are others which are assured in this product. This annually renewable group insurance policy is sure to help make your employees get relief when needed for their families, in their absence.

LIC's NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN I: This assurance plan has several beneficial features, but the most important to note is the fact that it is one of the most sought out plan for small employer and employee groups which could be as small as a 25 member group, although for non employer employee group there should be at least 50 members.

LIC's NEW ONE YEAR RENEWABLE GROUP TERM ASSURANCE PLAN II: This assurance plan is similar to the one above and with the same name. It is almost the carbon copy of the its preceding policy.

LIC's New Group Gratuity Cash Accumulation Plan: If you are looking to provide a simple way of giving your employees a simple and convenient way of statutory Gratuity Benefit then this policy from LIC should not be ignored. Also, there are no restrictions on the group size for existing schemes and only 10 for new schemes.

LIC's New Group Leave Encashment Plan: Besides the regular advantages of a group term plan, as the name suggests, it comes with leave encashments benefits along with death benefits. This is but a funds based variable policy but is non-linked or non participating by nature. The contributions are made by the employed and not the employers and hence requires contribution from the policyholders who are a member of the group.

LIC's Group Credit Life Insurance: This is group policy is made for an organization with a size of at least 50 members and is one of the most convenient and reasonable products in the series. The minimum sum assured is Rs. 4 lakhs and requires only single premium. The group can be insured for anywhere between 5 to 35 years.

LIC's SINGLE PREMIUM GROUP INSURANCE: If you are looking for a high sum assured for a group of 50 members and over, this particular plan might be worth a look since it comes with a minimum sum assured of Rs.10 lakhs. This particular policy is both a non-linked and non-participating term plan for groups.

LIC Social Security Schemes:

Plan Type Basic Sum Assured Term
Aam Aadmi Bima Yojana Rs. 30,000 N.A.

Aam Aadmi Bima Yojana: This particular plan is available under the Indian government’s initiative since 2013. It provides a cover of Rs. 30,000 for each policyholder with a contribution of Rs. 200. This subsidized product is mainly to aid rural people to get a basic insurance for initial support of their families in the policy holders absence. This product is available with basic eligibilities and documentation.

    1. Fortune Plus

    2. LIC New Jeevan Suraksha-I

    3. Jeevan Vriddhi

    4. LIC Jeevan Vaibhav (Single Premium Endowment Assurance Plan)

    5. Jeevan Sugam

    6. Two Year Temporary Assurance Policy

    7. LIC Mortgage Redemption

    8. Flexi Plus

    9. CDA Endowment Vesting At 21

    10. CDA Endowment Vesting At 18

    11. Profit Plus

    12. Jeevan Varsha

    13. Child Fortune Plus

    14. The Whole Life Policy- Limited Payment

    15. Health Protection Plus

    16. Jeevan Arogya

    17. Market Plus I

    18. Jeevan Kishore

    19. Marriage Endowment

    20. Jeevan Amrit

    21. Jeevan Surabhi-25 Years

    22. Jeevan Nischay

    23. Wealth Plus

    24. Jeevan Aastha

    25. Money Plus-I

    26. Jeevan Chhaya

    27. Jeevan Surabhi-20 Years

    28. The Money Back Policy-25 Years

    29. Jeevan Saathi Plus

    30. Health Plus

    31. Samridhi Plus

    32. Pension Plus

    33. Jeevan Nidhi

    34. New Jeevan Dhara-I

    35. The Endowment Assurance Policy - Limited Payment

    36. Bima Account 1

    37. The Whole Life Policy

    38. Bima Account 2

    39. Jeevan Pramukh

    40. Jeevan Mitra(Double Cover Endowment Plan)

    41. Jeevan Bharthi-I

    42. Jeevan Surabhi-15 Years

    43. The Whole Life Policy- Single Premium

    44. Child Future Plan

    45. Jeevan Chhaya

    46. Anmol Jeevan-I

    47. New Jeevan Nidhi

    48. Jeevan Anurag

    49. Komal Jeevan

    50. Child Career Plan

    51. Jeevan Tarang

    52. VARISHTHA PENSION BIMA YOJANA

    53. Educational Annuity Plan

    54. Jeevan Saral

    55. Amulya Jeevan-I

    56. LIC's Jeevan Shagun

    57. Lic's Jeevan Shikhar

    58. Jeevan Deep

    59. Jeevan Saathi

    60. New Janaraksha Plan

    61. The Money Back Policy - 20 Years

    62. The Endowment Assurance Policy

    63. Jeevan Anand

    64. Bima Bachat

    65. Jeevan Aadhar

    66. Jeevan Vishwas

    67. Jeevan Shree-I

    68. Jeevan Ankur

    69. Endowment Plus

    70. New Bima Gold

    71. Bima Nivesh 2005

    72. Jeevan Mangal

    73. Jeevan Madhur

    74. Superannuation Plus

    75. Gratuity Plus

    76. Jeevan Mitra(Triple Cover Endowment Plan)

How to Check Policy Status of LIC Life Insurance Policy?

The LIC policy status can be checked on the online portal once the individual has registered their policy with the LIC online portal. It is necessary to register your policy information or even make premium payments. So, once you have registered, you can check the policy details and status by simply logging in with relevant details. If you do not have access to the Internet, simply locate the closest branch office and visit them, with your policy number in hand and an ID proof.

LIC Life Insurance Customer Care:

LIC or Life insurance Corporation has been India’s largest life insurance provider for several decades. The insurance giant has not only issued millions of policies over the years but also has a record of satisfied customers. This achievement has been made possible only with the help of efficient and dedicated customer support service that the insurer offers to its policyholders. Getting in touch with an LIC customer are representative is easy and can be done by calling on the designated helpline number or by writing in to the company at the provided email address. In addition to getting in touch with the customer care, policyholder have also been provided the option of carrying out several policy related service requests on their own from the various options provided under the customer service section on the LIC website. Policyholders can purchase a new LIC policy online, pay their policy premiums online, track the status of their policy application, view information about LIC plans, update their information, locate LIC branches, and do much more.

LIC Life Insurance FAQ's:

  1. What are the non-term life insurance policies that LIC offers?

    A. LIC offers the following life insurance policies:

    • Single Premium Endowment Plan
    • New Endowment Plan
    • New Jeevan Anand
    • Jeevan Rakshak
    • Limited Premium Endowment Plan
    • Jeevan Lakshya
    • New Money Back Plan – 20 years
    • New Money Back Plan – 25 years
    • New Bima Bachat
    • New Children’s Money Back Plan
    • Jeevan Tarun
  2. What are the methods through which you can pay the LIC premiums?

    A. You can opt to pay the LIC Premium through net banking or phone banking.

  3. What are the documents that should be submitted at the time of applying for the policy?

    A. You must submit age proof, identity proof, address proof, PAN card and income proof documents.

  4. Are there any organisations authorised to collect LIC premium through net banking and phone banking?

    A. The authorised banks that are authorised to collect the LIC premiums are:

    • HDFC Bank
    • ICICI Bank
    • Bank of Punjab
    • UTI bank
    • Federal Bank
    • Corporation Bank
    • Citibank
  5. What are the authorised service providers of LIC? Which cities do the service providers operate from?

    A. BillJunction.com- Mumbai, Delhi, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad and Pune.Timesofmoney.com – Mumbai, Delhi and Bangalore.BillDesk.com – Mumbai, Delhi, Kolkata, Chennai, Bangalore, Ahmedabad, Pune, Baroda and Surat.

  6. What happens if I miss paying my premium?

    A. Usually banks give a 30 day grace period to make your payment. If you don’t pay the premium in the grace period, the policy will get lapsed. If you have the choice to make it a paid up policy take it or you can revive it within a certain period. Please refer your policy document to know more on how to go about reviving your policy.

  7. Will I get a full refund if I cancel my policy in the free look period?

    A. Yes, you will get the full refund if you are cancelling the policy in the free look period.

  8. How safe is it to pay premiums through the agent?

    A. If you wish to pay the premiums through the agent, ensure that you are drawing a cheque in the name of the company and also make sure that you receive the receipt from the insurance company.

  9. How can I make a claim?

    A. You will have to fill in a claim form and contact the financial adviser from whom you got the policy. You will have to submit the relevant documents to support your claim. If the claim application is accepted, you will get a cheque in 7 working days. If the claim is rejected, then you will be receiving a letter explaining the reason for rejection.

  10. Will I be getting maturity benefits with my life insurance policies?

    A. Yes, you will get maturity benefits as defined in your plan. Refer the policy document to know

  11. Which are the other organisations authorised to collect LIC premium through net banking and phone banking?

    A. The authorised banks that are authorised to collect the LIC premiums are:

    • HDFC Bank
    • ICICI Bank
    • Bank of Punjab
    • UTI bank
    • Federal Bank
    • Corporation Bank
    • Citibank
  12. What are the documents required when applying for the policy?

    A. The most basic documents required for application of an LIC policy include:

    • Age proof
    • Identity proof
    • Address proof
    • PAN card
    • Income proof documents
  13. What happens if I don’t pay my premium on time?

    A. Usually LIC gives a 30 day grace period to make your payment. If you don’t pay the premium in the grace period, the policy will get lapsed. If you have the choice to make it a paid up policy take it or you can revive it within a certain period. Please refer your policy document to know more on how to go about reviving your policy.

  14. Do I get a full refund for cancellation of my policy in the free look period?

    A. Absolutely, you will get the full refund if you are cancelling the policy in the free look period.

  15. How to safely pay premiums through the agent?

    A. Simply make sure that you are drawing a cheque in the name of the company and also make sure that you receive the receipt from the insurance company.

  16. How can I make a claim?

    A. You will have to fill in some claim form and contact the financial adviser from whom you got the policy. You will have to submit the relevant documents to support your claim. If the claim application is accepted, you will get a cheque in 7 working days. If the claim is rejected, then you will be receiving a letter explaining the reason for rejection.

  17. Will I be getting maturity benefits with my life insurance policies?

    A. Not all policies for life insurance have maturity benefits such as certain term life insurance products and group life insurance plans. So, please refer to the policy document before going for a policy.

  18. How To Seek LIC Life Insurance Customer Service Through SMS/Text?

    A. Simply text, LICHELP followed by your policy number to 9222492224 or 56767877. You can also access details related to your policy by texting ASKLIC followed by your policy number and either of the following, to 9222492224, based on your requirement:

    • PREMIUM
    • LOAN
    • BONUS
    • REVIVAL
    • NOMINATION
  19. Where can I find application forms for LIC policy?

    A. You can find it online, or from your LIC agent or office.

  20. What is the minimum eligibility criteria?

    A. The basic eligibility criteria revolves around age, income, citizenship and documentation for LIC policies.

Read More About Life Insurance

News About LIC Life Insurance

  • LIC Celebrates its 66th Anniversary

    On Wednesday, 2 September 2021 the Life Insurance Corporation of India (LIC), the country's largest financial corporation with operations in 14 countries around the world, will celebrate its 66th anniversary. LIC, which began with a capital of Rs 5 crore in 1956, now has a total asset base of Rs 38,04,610 crore, with a life fund of Rs 34,36,686 crore. According to a Brand Finance Insurance 100 survey, LIC is the world's third strongest and tenth most valuable brand. Even after two decades of opening up the insurance business, the corporation remains a market leader, accounting for 66.18% of first-year premium income and 74.58% of all policies.

    3 September 2021

  • LIC announces new Aadhaar Shila Scheme

    Life Insurance Corporation of India (LIC) has recently announced a woman-oriented scheme. This will aid Indian women tin becoming self-reliant- Aadhar Shila. The scheme is a plan for all women between the age of 8 to 55 years. All investors have to invest Rs.29 every day to get Rs.4 lakh at the time of maturity.

    Official reports have said that the Aadhar Shila scheme is a guaranteed return plan. Other than the assured returns on the investment plan, LIC offers protection coverage for the amount that has been invested.

    23 July 2021

  • LIC Launches Benefit-Based Health Insurance Plan Arogya Rakshak

    Life Insurance Corporation of India (LIC) has launched a new health insurance plan named Arogya Rakshak. This is a regular premium, non-participating, individual health plan that aims to provide financial support to the insured and their family during medical emergencies. Arogya Rakshak functions differently than regular medical insurance. While regular health insurance reimburses the cost incurred during medical treatment, Arogya Rakshak gives a lump sum benefit regardless of the medical treatment cost. Under Arogya Rakshak, one can purchase an individual or family plan.

    22 July 2021

  • Union Budget 2021: Finance Minister propose changes in Insurance Act to increase FDI

    The Finance Minister of India Nirmala Sitharaman proposed that the Insurance Act will be amended in order to increase foreign direct investment from 49% to 74%.

    The Finance Minister also said that the initial public offering (IPO) of Life Insurance Corporation (LIC) of India will be carried out in the year 2022.

    02 February 2021

  • LIC books record profit in April-November

    Life Insurance Corporation of India (LIC) recorded its highest ever profit of Rs.25,908 crore from selling stocks in the eight months ended 30 November.

    The profit surged by 66.3% from the Rs.15,578 crore gains in the year-ago period and more than 80% of its full-year target of Rs.32,000 crore. This is the insurer’s highest earnings from equity investments in its 64-year history. Last fiscal, LIC had recorded a profit of Rs.25,625 crore from stock sales.

    Regulatory data shows LIC’s combined new business from individual and group single premium policies grew 22.4% to Rs.95,840 crore for the period between April and November. Add to it the record profits from share sales, the interest in LIC IPO will only increase in future.

    22 December 2020

  • SEBI proposes reducing the size of IPOs in move that would help LIC comply with rules of initial share sales

    The Securities and Exchange Board of India (SEBI) announced a proposal to reduce the size of large initial public offerings (IPOs). This would facilitate easier compliance in the sale of initial shares by Life Insurance Corporation (LIC) of India. The proposal states that companies with a post-issue capital exceeding Rs.10,000 crore have to sell only 5% of the company to the public in the initial stages. This may help LIC since the value of its shares offered in the IPO may be too high for investors. Currently the minimum float norm is 25% and if a company’s market cap exceeds Rs.10,000 crore, it has to sell a minimum of 10% in its IPO. Now SEBI has proposed that a company can float an IPO for selling of shares that are worth Rs.1,000 crore+ 5% of its market cap that exceeds Rs.10,000 crore. Large issuers may also require more time to comply with 10% MPS and then 25%. SEBI has now proposed that if the IPO size ranges from Rs.10,000 crore to Rs.1 trillion, the company may have to meet 10% of MPS within 18 months and 25% MPS within three years from the listing date. SEBI has invited feedback on this proposal from interested parties till 7 December 2020.

    4 December 2020

  • LIC launches a business app for conversion of physical formats to digital

    Life Insurance Corporation (LIC) of India has launched "ANANDA", a digital application which will facilitate a completely paperless and digital process of taking a policy without the requirement for a face-to-face meeting between the agent and the policyholder through the conversion of physical formats into digital formats. The only prerequisite is that the customer’s mobile number should be mapped with their Aadhaar number. This will also facilitate social distancing and safety for all during the Covid-19 pandemic.

    26 November 2020

  • Siddhartha Mohanty recommended for the post of Managing Director of LIC

    Siddhartha Mohanty has been recommended for the post of Managing Director of Life Insurance Corporation (LIC) of India. The name was recommended by the Banks Board Bureau (BBB). Siddhartha Mohanty is currently serving as LIC Housing Finance Ltd’s Chief Executive Officer.

    3 November 2020

  • Government now considering selling 25% stake in LIC

    The Indian government wants to get the cabinet’s approval for selling 25% of its stake in Life Insurance Company (LIC). This is because Prime Minister Narendra Modi wants to reduce the widening budget gap. The government also wants to make amendments to the act of parliament under which LIC had been set up. The timing of the initial public offering (IPO) will be based on a lot of factors example, market conditions. A sale of its stake in LIC via a public offering of shares will aid the government in bolstering the finances after the pandemic had hampered the growth and also affected the fiscal deficit target.

    20 October 2020

  • Government mulls listing LIC abroad

    The Government of India is mulling the option of listing Life Insurance Corporation (LIC) abroad so as to send a powerful signal to the investors.

    LIC, which is the largest insurance company in India has already got the green signal from the Indian Government to get listed nationally. However, the Central Government of India has amended the Companies Act which allows Indian Companies to get listed in overseas stock exchanges, and they are considering to start the process with LIC.

    Post the announcement of the budget, the government which is one of the major shareholders in the insurance company has appointed Deloitte and SBI Capital Markets as the transaction advisors. The government is also working towards amending the LIC Act.

    LIC is valued to be between Rs.11 lakh crore to Rs.12 lakh crore. There is a fear that the largest insurance company in India may not find enough buyers when getting listed on a national bourse. However, experts believe that the narrative will be different and global investors will be interested if the company gets listed overseas.

    8 October 2020

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