The Corporation said any credit-card originated payments towards renewal premium, new premium, or repayment of loan and interest on loans against the policies will not attract any additional charges or convenience fee its parlance, from December 1.
The western zone had 20 percent share in new business premium and with 33,61,000 policies worth Rs 10,271 crore premium in FY19.
LIC, which is the largest financial institution in India could easily become country’s top listed company if its shares get listed.
As per a regulatory filing, LIC, which had 7.03 percent stake in Colgate-Palmolive earlier, brought down its shareholding in the company to 5 percent by selling shares between November 1, 2017, and January 14, 2019.
A source told Moneycontrol that the MCA may take a view on this even as the SFIO is already looking into charges of mismanagement at IL&FS.
At the AGM, the company passed a resolution to raise capital through rights issue worth about Rs 4,500 crore, approach NCLT for asset sale resolution and get liquidity to repay debtors
LIC has been looking to enter the banking space by acquiring a majority stake in IDBI Bank as the deal is expected to provide business synergies despite the lender's stressed balance sheet.
In his Budget speech for 2016-17, then Finance Minister Arun Jaitley had 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," he had said.
B Sriram today assumed charge as Managing Director and CEO of IDBI Bank, according to a regulatory filing. Sriram was appointed MD and CEO in place of Mahesh Kumar Jain who recently took charge as deputy governor of the Reserve Bank of India (RBI).
As per a BSE filing, LIC, which held 5.16 per cent stake in Ashok Leyland earlier, brought down the shareholding in the company to 3.11 per cent.
With the sale, the total shareholding of the insurer has come down to 5.6 per cent, Merck Ltd said in a BSE filing.
As per a BSE filing, LIC, which had 6.14 per cent stake in Mastek earlier, brought down the shareholding in the company to 3.05 per cent.
LIC, which had 5.19 per cent stake earlier, increased its shareholding in the company to 7.23 per cent by buying shares between September 28 and November 13, 2017, LIC said in a filing to BSE.
The insurance major increased stake in 40 companies during the quarter gone by which include names like L&T, SBI, Bank of India, IDBI and Dena Bank among others.
These two are considered as non-strategic investments for LIC. While LIC holds 16.29 per cent stake in ITC, it holds 17.97 per cent stake in L&T as of end June.
The public sector insurer, which had 9.85 per cent stake earlier, brought down its shareholding in the company to 7.70 per cent by selling shares between July 20, 2016, and July 4, 2017, Tata Global Beverages (TGBL) said in a filing to BSE.
While life insurance is considered to be a capital-intensive sector, the capital deployed has in fact come down as of December 2016 to Rs 35,127 crore compared to 2014.
Single premium policies offer lower premium rates compared to regular payment policies and also provide higher death benefits. However, tax benefit on these plans will be applicable only for the year in which you make the one-time payment.
Thanks to the favourable demographics, Indian insurance sector is in a sweet spot and the markets should closely watch India's largest insurer LIC.
To reinstate its presence as the dominant insurer and largest institutional investor in the Indian market, life insurance behemoth - Life Insurance Corporation - will, for the first time in its six-decades history in the country, hold a press conference today to announce its quarterly results.
Despite receiving a nod for a broad-based listing two weeks ago from its public sector bank stakeholders, namely State Bank of India, Punjab National Bank and Bank of Baroda, UTI AMC will not get listed until its fourth major PSU shareholder, LIC, agrees for a listing.
Hemant Bhargava today took over as a managing director of Life Insurance Corporation, to fill the vacancy created by the retirement of Sushobhan Sarkar in 2014.
The Appointments Committee of Cabinet has approved Bhargava's appointment to the post till his superannuation, i.e., July 31, 2019, an order issued by Personnel Ministry said.
The Corporation makes as much as 94 percent of its premium income through its over 1.1 million agents, while the private sector rivals net around half their business through the agency route.
The current financial year has already seen 72 new products being developed in the life insurance industry, according to the country‘s insurance regulator.