V K Sharma, chairman, LIC said that while their Ulip product performed well, their focus will be on traditional products. "At the end of the day, our policyholder interest is supreme and their returns should not be impacted," he said.
The customers of policies like Jeevan Shree, Jeevan Pramukh, Jeevan Nidhi plan and Jeevan Amrit have received higher bonuses during 2016-17.
The second most valued brand in India is mobile operator company Bharti Airtel with valuations of USD 7.7 billion. Life Insurance Corporation of India (LIC) ranks third with USD 6.8 billion.
LIC Chairman VK Sharma said that the company will adhere to the norm of having 20 percent of total investable corpus under equities.
Regulator Irdai has asked the life insurance behemoth LIC to prepare a roadmap to pare its stake to 15 per cent in firms where it breaches this ceiling
The World Health Organization tobacco treaty bars the government from investing in tobacco companies, alleges the petition.
Life insurance behemoth LIC has introduced two endowment assurance plans for individuals having Aadhaar card.
Insurance companies had collected Rs 1,38,657.31 crore in 2015-16, according to data from the Insurance Regulatory and Development Authority of India (Irdai).
As per RBI norms, Payments banks have to focus on providing basic financial services, including social security and utility bill payments, remittance functions, and can mobilise deposits of up to Rs 1 lakh.
The regulator allows insurers to hold only up to 15 percent stake in one company. Earlier this year, the government divested 2 percent of its stake held in ITC held through the Specified Undertaking of the Unit Trust of India (SUUTI). LIC bought this 2 percent taking its overall shareholding to 16.32 percent.
Total FYP rose to Rs 1,24,396.27 crore in FY17 from Rs 97,777.47 crore in the previous year. It resulted in the insurance giant increasing its market share to 71.07 per cent from the last year's 70.61 per cent, the state-run corporation said in a statement.
The PIL names the government, state-run insurers, including LIC, and the insurance regulator, and says that the investment is contradictory to government’s measures to tackle tobacco-related problems.
Total new business premium, including pension and group business, rose to Rs 1.22 trillion in FY17, a growth of 25.8 per cent from around Rs 97,000 crore a year ago, a senior LIC official told PTI here.
Both the new managing directors of LIC - B Venugopal and Sunita Sharma, whose appointments were cleared by government yesterday, assumed charge today.
The Enforcement Directorate (ED) action comes close on the heels of the CBI filing a charge sheet against him and his wife and others for allegedly amassing assets worth around Rs 10 crore disproportionate to their known sources of income.
The purchase of Indian refiner Essar Oil by a consortium led by Russian oil company Rosneft has been delayed by a few weeks, the two sides said on Friday, because some Indian lenders to Essar have yet to sign off on the deal.
The shareholders at the extra ordinary general meeting held today approved to allotment of 1.75 crore shares on preference basis to LIC at Rs 116.81 per share, the bank said in an exchange filing.
Both the companies had announced this week that they have received all regulatory approvals for their merger, except the Reserve Bank of India's nod for issue of redeemable preference shares to non resident shareholders of Cairn.
Individuals with salary and interest income will have to fill fewer columns as some of these for claiming income deductions have been clubbed in ITR1 form called 'Sahaj'.
UCO Bank today announced its board has approved raising Rs 1,000 crore through issuance of tier 2 bonds to LIC.
The third tranche of the government's exchange traded fund (ETF) of top 10 state-owned companies saw bids worth Rs 9,200 crore from investors, which is 3.7 times the amount sought to be raised.
The regulator is rolling out a road-map for the insurance sector to have a smooth transition of policies from physical to digital format.
The insurer may not be keen to comply as it feels size of investment is too huge. It has reservations about the paper’s rating, too.