Moneycontrol PRO
you are here: HomeNewsLic

Life Insurance Corporation of India (LIC) is an insurance and investment corporation. The Parliament of India passed the Life Insurance of India Act on 19 June 1956 creating the Life Insurance Corporation (LIC) of India, which started operating in September 1956. It consolidated the business of 245 private life insurers and other entities offering life insurance services; this consisted of 154 life insurance companies, 16 foreign companies and 75 provident companies. The LIC's executive board consists of Chairman and Managing Directors. The Central Office of LIC is based out of Mumbai which sits the Chairman, all four Managing Directors, and all Executive Directors (Department Heads). LIC has a total of 8 Zonal Offices namely Delhi, Chennai, Mumbai, Hyderabad, Kanpur, Kolkata, Bhopal & Patna. From its creation, the Life Insurance Corporation of India, which commanded a monopoly of soliciting and selling life insurance in India, created huge surpluses and by 2006 was contributing around 7% of India's GDP. The LIC has 22 departments each headed by an Executive Director namely Marketing, Bancassurance (B&AC), Corporate Communication, Personnel, CRM, Direct Marketing, E&OS, F&A, IT/BPR, Inspection, Investment, SBU/Estates, Investment Operations, P&GS, Actuarial, Chairman Sectt, F&A, Micro Insurance, RTI, HRD, Engineering, and Vigilance. More

Jump to
637 Results Found
  • LIC subscribes to KRCL bonds worth Rs 250 cr Mar 26, 2016 12:52 PM IST

    LIC subscribes to KRCL bonds worth Rs 250 cr

    The subscribed Konkan Railway Corporation bonds worth Rs 250 crore to enable LIC's key projects.

  • IDBI Bank gains 6% on stake sale buzz, to raise funds from LIC Mar 21, 2016 11:37 AM IST

    IDBI Bank gains 6% on stake sale buzz, to raise funds from LIC

    Finance Minister Arun Jaitley in his Union Budget speech in February said, "The process of transformation of IDBI Bank has already started. Government will take it forward and also consider the option of reducing its stake to below 50 percent."

  • CBI arrests CA, realtor in Rs 1K-cr Syndicate Bank case Mar 18, 2016 08:10 PM IST

    CBI arrests CA, realtor in Rs 1K-cr Syndicate Bank case

    CBI today arrested a Rajasthan- based Chartered Accountant (CA) and a real estate agent in connection with its probe into the Rs 1,000 crore Syndicate Bank fraud case

  • LIC raises stake in OIL by 2% Mar 18, 2016 08:12 AM IST

    LIC raises stake in OIL by 2%

    LIC bought 1.22 crore shares or 2.04 percent of equity capital, to raise its stake in the company to 7.045 percent, according to stock market information.

  • FDI proposals of Rs 48,902 cr cleared till Jan in FY16 Mar 09, 2016 08:04 AM IST

    FDI proposals of Rs 48,902 cr cleared till Jan in FY16

    The government has approved 285 FDI proposals worth Rs 48,902.76 crore till January this fiscal, Parliament was informed today.

  • Mint Special: Insurance Conclave Mar 07, 2016 11:32 AM IST

    Mint Special: Insurance Conclave

    Watch accompanying videos of Mint Insurance Conclave in association with LIC, wherein expert panellists spoke and discussed about insurance industry.

  • Vijaya Bank to consider Rs 226 cr share issue to LIC Mar 03, 2016 09:18 AM IST

    Vijaya Bank to consider Rs 226 cr share issue to LIC

    Speaking to CNBC-TV18, Kishore Sansi, MD & CEO of the bank says that the capital adequacy ratio (CAR) will rise to 11.5 percent post the share issue.

  • Central Bank of India to raise Rs 165 cr from LIC Mar 03, 2016 08:34 AM IST

    Central Bank of India to raise Rs 165 cr from LIC

    The board of directors at its meeting held "considered and approved raising of additional equity capital by issuance and allotment of up to 3,14,41,088 equity shares of the face value of Rs 10 each at the issue price of Rs 52.66 per equity aggregating to Rs 165,56,87,694.08 to LIC", it said in a BSE filing.

  • Budget 2016 India: FM moots new commodity products, deeper corporate bond markets Feb 29, 2016 02:30 PM IST

    Budget 2016 India: FM moots new commodity products, deeper corporate bond markets

    A complete information repository for corporate bonds, covering both primary and secondary market segments will be developed jointly by Reserve Bank of India (RBI) and Sebi.

  • Budget 2016: Jaitley expects to raise Rs 36,000 cr via divestment in FY17 Feb 29, 2016 12:50 PM IST

    Budget 2016: Jaitley expects to raise Rs 36,000 cr via divestment in FY17

    He expects to garner Rs 20,500 crore through strategic stake sale in FY17

  • Union Budget 2016-17: Jaitley proposes listing of PSU general insurance companies Feb 29, 2016 11:40 AM IST

    Union Budget 2016-17: Jaitley proposes listing of PSU general insurance companies

    There are four public sector general insurance companies -- New India Assurance Company Ltd, National Insurance Company Ltd, Oriental Insurance Co Ltd, United India Insurance Co Ltd.

  • Andhra Bank to raise Rs 136 cr from LIC via preferential issue Feb 27, 2016 11:28 AM IST

    Andhra Bank to raise Rs 136 cr from LIC via preferential issue

    Public sector lender Andhra Bank will issue over 2.88 crore equity shares to LIC for a total consideration of Rs 136.5 crore.

  • LIC hikes stake in NTPC to 12.98% Feb 26, 2016 12:36 PM IST

    LIC hikes stake in NTPC to 12.98%

    LIC, which had 9.08 percent stake earlier, hiked its shareholding in the company to 12.98 percent by buying shares between July 25, 2014, and February 24, 2016, NTPC said in a filing to the BSE.

  • Bengal Inc bullish on Railways Budget Feb 26, 2016 09:10 AM IST

    Bengal Inc bullish on Railways Budget

    For 2015-16, Railways had decided to procure 15,000 wagons and the process is already under progress. This is a four-fold increase in procurement compared to last few years.

  • IDBI Bank to raise Rs 1,500 cr by selling 28 cr shares to LIC Feb 25, 2016 07:46 PM IST

    IDBI Bank to raise Rs 1,500 cr by selling 28 cr shares to LIC

    The board has approved the proposal for preferential issue of capital to Life Insurance Corporation of India, aggregating up to Rs 1,500 crore (inclusive of premium amount) subject to Government of India's approval, regulatory filing said.

  • Rail Budget 2016: To partner with global institutions to improve ops, says Prabhu Feb 25, 2016 01:14 PM IST

    Rail Budget 2016: To partner with global institutions to improve ops, says Prabhu

    In his second Rail Budget on Thursday, Suresh Prabhu has announced turning National Academy of Railways at Vadodara into a full-fledged university.

  • LIC buys shares worth Rs 10,400 cr in 18 Sensex cos in Q3 Feb 22, 2016 03:22 PM IST

    LIC buys shares worth Rs 10,400 cr in 18 Sensex cos in Q3

    The holding of Life Insurance Corporation (LIC) declined in five other blue-chips in the third quarter from the level seen in the preceding three months, showed an analysis of the shareholding pattern of the Sensex constituents.

  • Allahabad Bank to raise Rs 1,000 cr via preference share issue Feb 09, 2016 05:15 PM IST

    Allahabad Bank to raise Rs 1,000 cr via preference share issue

    The board has approved raising of equity capital of bank aggregating up to Rs 1,000 crore including premium through preferential issue of equity shares to Government of India or LIC or any other financial institution subject to government approval, Allahabad Bank said in a statement.

  • OBC plans to raise Rs 1,500 cr via preference share issue Feb 09, 2016 07:54 AM IST

    OBC plans to raise Rs 1,500 cr via preference share issue

    The board will consider proposal for raising capital in its meeting to be held on February 11, OBC said in a statement.

  • Vedanta board likely to meet to discuss Cairn merger: Sources Jan 29, 2016 10:29 AM IST

    Vedanta board likely to meet to discuss Cairn merger: Sources

    Sources say, if a shareholder has one share of Cairn India then he is entitled to one share of Vedanta and four preference shares of Vedanta.

  • Life insurers 1st year premium collection rises 9.5% in Dec Jan 26, 2016 03:49 PM IST

    Life insurers 1st year premium collection rises 9.5% in Dec

    The first year premium collection of life insurers stood at Rs 10,071.80 crore in December 2014. The new business premium grew by 16 percent to Rs 85,587.73 crore during April-December 2015 over the year-ago period, the data released by insurance regulator IRDAI showed.

  • Corporation Bank to buy 4% stake in LIC Nomura Mutual Fund Jan 06, 2016 07:02 PM IST

    Corporation Bank to buy 4% stake in LIC Nomura Mutual Fund

    The stake buy will be at a price of over Rs 5.67 crore as per the valuation derived, Corporation Bank said in a regulatory filing.

  • Bank of India allots shares worth Rs 264 crore to LIC Jan 06, 2016 03:28 PM IST

    Bank of India allots shares worth Rs 264 crore to LIC

    "The bank has allotted 2 crore equity shares to Life Insurance Corporation of India (LIC) on preferential basis at the price of Rs 132.06 per share," it said in a regulatory filing today.

  • IFCI offloads 0.17% stake in NSE for Rs 29.6 crore Dec 30, 2015 12:58 PM IST

    IFCI offloads 0.17% stake in NSE for Rs 29.6 crore

    Earlier in September, IFCI sold 1.5 percent of its stake in the bourse for Rs 263.25 crore. According to the NSE website, as on September 30, IFCI held 4.05 percent in the stock exchange.

  • Essar Oil delisting gets through as Sebi clears LIC bids Dec 23, 2015 12:39 PM IST

    Essar Oil delisting gets through as Sebi clears LIC bids

    The delisting had got mired in "technicalities" on the last day of the offer on Monday, after a large block of tendered shares could not be 'confirmed' within the stipulated time, prompting BSE to refer the matter to Sebi.

Sections
ISO 27001 - BSI Assurance Mark