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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

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  • Cairn India, Vedanta merger face more hurdles Jun 30, 2015 04:36 PM IST

    Cairn India, Vedanta merger face more hurdles

    Sources say Cairn Energy Plc may seek a favourable swap ratio against the proposed ratio of 1:1.

  • IDFC appoints former CAG Vinod Rai as independent director Jun 30, 2015 12:42 PM IST

    IDFC appoints former CAG Vinod Rai as independent director

    Vinod Rai also worked as Financial Services Secretary. He was director on several boards including the State Bank of India, ICICI Bank, IDBI Bank and Life Insurance Corporation of India.

  • FCI moots proposal to raise Rs 40,000 cr via bonds from LIC Jun 21, 2015 07:43 PM IST

    FCI moots proposal to raise Rs 40,000 cr via bonds from LIC

    State-run Food Corporation of India (FCI) has moved a proposal to raise Rs 40,000 crore through long-term bonds from LIC to liquidate subsidy arrears due from the government.

  • Hindalco Industries shares rally 3%, LIC raises stake Jun 19, 2015 01:30 PM IST

    Hindalco Industries shares rally 3%, LIC raises stake

    Shares of Hindalco Industries climbed 2.8 percent intraday Friday after insurance giant LIC has raised its stake in the aluminium major to over 13 percent.

  • Cairn-Vedanta deal: LIC assesses docs; decision before AGM Jun 18, 2015 07:00 PM IST

    Cairn-Vedanta deal: LIC assesses docs; decision before AGM

    Even as Vedanta is said to have refused to sweeten the Cairn deal, something that key shareholder LIC was reportedly insisting upon, the insurance behemoth is scrutinising documents related to the merger and will convey its decision to Vedanta before its July 11 annual general meeting.

  • General insurance companies settle 98% claims in J&K Jun 18, 2015 06:14 PM IST

    General insurance companies settle 98% claims in J&K

    "In the aftermath of the floods in Jammu & Kashmir in September 2014, the Public Sector General Insurance Companies received 13,909 claims, out of which 13,612 claims have been settled for a total amount of Rs 729.75 crore," the Finance Ministry said in a statement on Thursday.

  • Vedanta refuses to sweeten Cairn deal further Jun 18, 2015 12:52 PM IST

    Vedanta refuses to sweeten Cairn deal further

    Vedanta has made it clear that it does not want to change any of those contours with respect to the merger. However, it is coordinating with LIC officials to submit all the details.

  • Vedanta drops 3%, LIC seeks more premium to approve merger Jun 17, 2015 11:59 AM IST

    Vedanta drops 3%, LIC seeks more premium to approve merger

    Sources told CNBC-TV18 that state-run Life Insurance Corporation (LIC) has decided to drive a harder bargain before providing its assent to the proposed multi-billion Vedanta-Cairn India merger deal.

  • Cairn-Vedanta seek largest shareholder LIC's nod for merger Jun 15, 2015 12:51 PM IST

    Cairn-Vedanta seek largest shareholder LIC's nod for merger

    The board of Vedanta and Cairn India are likely to meet LIC on Monday to seek its approval for the merger. LIC is the largest shareholder in Cairn India with over 9 percent stake.

  • LIC picks up additional 2% stake in Yes Bank Jun 10, 2015 07:28 PM IST

    LIC picks up additional 2% stake in Yes Bank

    Post acquisition, the holding of the insurance firm has increased to 8.36 percent . Recently, the bank announced plan to raise USD 1 billion (about Rs 6,400 crore) by fresh equity and Rs 10,000 crore through Non Convertible Debentures (NCDs) and bonds.

  • LIC hikes stake in REC to 7% Jun 05, 2015 09:43 PM IST

    LIC hikes stake in REC to 7%

    In a BSE filing, LIC said it has acquired an additional 2.023 percent stake in REC between September 2013 and June 2015 through the open market.

  • LIC raises stake in Canara Bank, BoB May 26, 2015 09:20 PM IST

    LIC raises stake in Canara Bank, BoB

    Country's largest insurer Life Insurance Corporation (LIC) has raised stake in state-owned Canara Bank by about 7.7 percent through preferential allotment of shares.

  • More than satisfactory 1-yr; 20% mkt upside seen: Envision May 22, 2015 01:34 PM IST

    More than satisfactory 1-yr; 20% mkt upside seen: Envision

    Nilesh Shah of Envision Capital says the government must now look at non-strategic areas for divestment and suggests making Life Insurance Corporation of India (LIC) a public entity.

  • RBI Dy Guv warns LIC may feel pain of banking NPA woes: BS May 21, 2015 10:11 AM IST

    RBI Dy Guv warns LIC may feel pain of banking NPA woes: BS

    LIC has been buying stakes in PSU banks through private placements to help then raise capital as few other investors were willing to put money given asset quality concerns.

  • Canara Bank issues 4 cr shares to LIC on preferential basis May 13, 2015 08:33 PM IST

    Canara Bank issues 4 cr shares to LIC on preferential basis

    Canara Bank had passed a special resolution by shareholder at its EGM on April 30 for issue and allotment of 4 crore equity shares to Life Insurance Corporation of India (LIC).

  • LIC loses 5% new premium market share to rivals May 02, 2015 10:18 AM IST

    LIC loses 5% new premium market share to rivals

    Private insurers slowly but surely are making inroads into LIC's market share. Riding high on Unit Linked Insurance Plans (Ulips), some 23 of them have eaten up a full 5 percent of new premium market from LIC, taking their combined share to 30 percent in 2014-15, according to annual data from the Life Insurance Council.

  • NMDC gains 3% after LIC hikes stake to 10.12% Apr 13, 2015 01:21 PM IST

    NMDC gains 3% after LIC hikes stake to 10.12%

    Shares of NMDC rallied 3 percent intraday Monday after LIC increased its stake in the state-run iron ore miner. Enthusiastic investors are hurriedly buying the stock as LIC has bought 7.98 crore shares, or 2.13 percent to take its total stake to 10.12 percent.

  • Dena Bank, LIC sign MoU to provide life cover under PMJBY Apr 07, 2015 09:41 AM IST

    Dena Bank, LIC sign MoU to provide life cover under PMJBY

    Under the Memorandum of Understanding, LIC will give a life cover of Rs 2 lakh in case of death of the insured person at a nominal premium of Rs 330 per annum. Account holders in the age group of 18 to 50 years can avail of the product.

  • Dena Bank, LIC sign MoU to provide life cover under PMJBY Apr 06, 2015 07:58 PM IST

    Dena Bank, LIC sign MoU to provide life cover under PMJBY

    Under the Memorandum of Understanding, LIC will give a life cover of Rs 2 lakh in case of death of the insured person at a nominal premium of Rs 330 per annum. Account holders in the age group of 18 to 50 years can avail of the product.

  • Open to talks with sovereign funds, PE firms: Suresh Prabhu Mar 27, 2015 06:51 PM IST

    Open to talks with sovereign funds, PE firms: Suresh Prabhu

    In an exclusive interview to CNBC-TV18‘s Shereen Bhan, Prabhu said the national transporter is losing money due to lack of investment in scale of operations.

  • CARE stake sale to aid CAR, awaiting Pipapav CDR nod: IDBI Mar 24, 2015 12:30 PM IST

    CARE stake sale to aid CAR, awaiting Pipapav CDR nod: IDBI

    After negotiating for bulk sale, IDBI offloaded 10 percent in CARE to LIC for Rs 421 crore. The bank's deputy MD BK Batra informed that the bank has strategic stake in various companies which are quite valuable today.

  • Post IDBI stake sale, LIC our largest shareholder: CARE Mar 23, 2015 03:12 PM IST

    Post IDBI stake sale, LIC our largest shareholder: CARE

    IDBI has recently sold 10 percent stake in CARE Ratings possibly to LIC which is now the largest shareholder.

  • What it takes to create India's first int'l finance centre Mar 21, 2015 05:34 PM IST

    What it takes to create India's first int'l finance centre

    CNBC-TV18‘s Latha Venkatesh caught up with SS Thakur, Chairman of the Policy Making Committee of International Financial Centre; Neeraj Gambhir, co-head, Nomura India; and eminent lawyer Jayesh H of JurisCorp, to discuss what it will take to create one.

  • Insurance ind welcomes new law freeing agency commission Mar 15, 2015 01:01 PM IST

    Insurance ind welcomes new law freeing agency commission

    The new insurance law recognises the Life Insurance Council as a self-regulating body and empowers it to frame bye-laws for elections, meetings and levy and collect fees from its members.

  • LIC to invest Rs 1.5L cr in Railways over next 5 years Mar 11, 2015 11:58 AM IST

    LIC to invest Rs 1.5L cr in Railways over next 5 years

    The investment would be done in bonds issued by various railway entities such Indian Railways Finance Corporation (IRFC), beginning next fiscal.

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ISO 27001 - BSI Assurance Mark