The IPO of the state-owned Life Insurance Corporation is finally opening for the public on May 4. The state-owned life insurer’s maiden IPO, India’s ‘biggest’ ever, will be available for public at a price band of Rs 902-949.
With this IPO, which is through an offer-for-sale (OFS) route, the government is looking to divest its 3.5 per cent stake in the insurer by selling 22.13 crore shares.
Since as per the present FDI policy, the foreign inflows ceiling for public sector banks is 20 per cent under government approval route, it has been decided to allow foreign investment of up to 20 per cent for LIC and such other corporate bodies.
A regulatory measure of capital adequacy for Indian insurance companies, the ratio is calculated by dividing an insurer's available solvency margin - or capital available to meet regulatory solvency capital and is the excess of admissible assets over liabilities - by its required solvency margin, as calculated in accordance with IRDAI guidelines.
The LIC also said the life insurance industry performance may be affected in the short run if there is significant rise in Covid-19 cases for a sustained period of time owing to the Omicron variant and a rise in mortality rates.
The Centre aims to offload a total of 316 million equity shares to investors through the public offering out of the 6.32 billion outstanding shares, the document showed.
New Delhi: Insurance claims cannot be rejected if the reason for delay in filing it is satisfactorily explained, the Supreme Court has said while granting relief to a man who was denied the claim for his stolen vehicle. A bench of Justices R K Agrawal and S Abdul Nazeer said that rejection of the claims […]
The Life Insurance Corporation (LIC) has decided to offer relaxations in various claim settlement requirements to make the process easier and hassle-free. The relaxations will kick in from Monday.
Mumbai: LIC Housing Finance on Saturday reported 17 per cent rise in its net profit for the fourth quarter (Q4) of 2018-19. According to the housing finance company, its net profit during the quarter under review rose to Rs 693.58 crore from Rs 594.34 crore in the corresponding quarter of the previous fiscal. The firm’s […]
The Life Insurance Corporation of India, LIC, has invited applications from interested and eligible candidates for the positions of Apprentice Development Officer (ADO). Candidates can apply for the ADO positions now as application submission process has already begun. The last date to apply for the positions is June 9, 2019. LIC Recruitment 2019 vacancy Detail […]
Bhubaneswar: The Life Insurance Corporation (LIC) of India has come up with an easy financial solution for the cyclone Fani affected people in the form of home loans. LIC CEO Siddharth Mohanty on Monday informed that those whose houses were damaged in the severe cyclonic storm Fani, can get loans at a discounted interest rate. […]
New Delhi: The government has evolved a new scheme to provide social security pension of Rs 3,000 per month to farmers above the age of 60 years, the Rajya Sabha was informed Friday. Agriculture Minister Narendra Singh Tomar said the government has approved a pension scheme for all small and marginal farmers (SMF), subject to […]
New Delhi: A non-profit organization engaged in promoting financial literacy has moved the Supreme Court, alleging cheating, especially of senior citizens, by the Life Insurance Corporation (LIC) through its Jeevan Saral policy, in which nearly 5 crore policy holders have “lost a big chunk on their principal investment”. The Mumbai-based Moneylife Foundation said it has […]
New Delhi: The government on Tuesday approved over Rs 9,000 crore capital infusion in IDBI Bank with a view to increasing the lender’s capital base. The Union Cabinet has cleared re-capitalisation of IDBI Bank with one-time infusion of funds by both the government and the LIC, Information and Broadcasting Minister Prakash Javadekar told reporters here. […]
New Delhi: Government will reduce its stake in state life insurer LIC through an IPO, Finance Minister Nirmala Sitharaman said on Saturday. “Government will list LIC on the stock exchanges”, she said in her Budget speech. This could be the country’s biggest initial public offering in recent times, the government will list Life Insurance Corp […]