Insurance News on LIC

LIC launches New Plan

02 Jan 2014, 08:58 PM  by   2559 Views | Write a Comment »
Insurance News

LIC launched its first policy called Single Premium Endowment Plan based on the new IRDA (Insurance Regulatory and Development Authority) Regulations. All other policies of LIC of India have been withdrawn and the new policies meeting revised guidelines are expected to be rolled out soon.


The dates for the Policy Launches have been released:

1) Single Premium Endowment Plan - Table no. 817 : 1st January 2014

2) New Endowment Plan - Table no. 814 : 3rd January 2014

3) New Moneyback Plan (20...  Read More »

Posted in LIC Life Insurance

First premium collection of LIC far exceeds the budget

01 Dec 2013, 10:17 AM  by   434 Views | Write a Comment »

Insurance giant Life Insurance Corporation of India, which had witnessed a fall of 6.50% in new premium collection amount during the last financial year i.e year ending March 2013, posted a hefty growth in its new premium collection for this financial year. The new premium amount growth is more than 30% as against the budgeted of 12%. 

 

Mr. S.K. Roy, Chairperson at LIC, said that we expect the company to grow at substantially higher than the budgeted growth rate thereby indicating better times...  Read More »

Posted in LIC 2013 Highlights

Insurance giant scraps its existing 14 policies to confirm to new regulations

26 Nov 2013, 06:32 PM  by   488 Views | Write a Comment »

With regard to compliance of new regulations implemented by market regulator Insurance Regulatory and Development Authority (IRDA), which aims at making insurance policies more customers centric, insurance giant Life Insurance Corporation of India scrapped / will scrape 14 of its existing policies. These policies include Jeevan Mitra, Anmol Jeevan, Convertible Term Assurance Policies, Children Deferred Endowment Assurance, Jeevan Paramukh Plan, LIC’s Bima Account and Jeevan Nidhi. Other polices...  Read More »

Posted in LIC IRDA

Life Insurance Corporation subscribes to the Non Convertible Debentures of closely held companies

04 Oct 2013, 08:02 AM  by   567 Views | Write a Comment »
Insurance giant Life Insurance Corporation of India’s investment committee today passed the resolution to purchase Non Convertible Debentures (NCD) worth Rs. 1,850 crores of Reliance Capital, Reliance Infra and JSW Steel. NCD is defined as a debt product which cannot be converted into equity shares of the company as against the Convertible Debentures and also bears a higher interest rate than the convertible debentures.
 
LIC, which used to subscribe to the Initial Public Offerings (IPO) of the...  Read More »

Posted in LIC 2013 Highlights

Life Insurance Corporation violates licensing norms, denied license for joint venture

25 Sep 2013, 11:19 AM  by   490 Views | Write a Comment »
Under the Insurance Act 2010, a foreign company is allowed to hold 60% of sponsor’s portion of shares of the total paid up capital. Violating the above law, Life Insurance Corporation of India applied for joint venture license in Bangladesh. It has submitted an application with 90% of its sponsor’s shares who is Pioneer Insurance Company Limited. Based on this ground, LIC was denied license.
 
In addition to the above, LIC had not submitted the required documents along with the application i.e...  Read More »

Posted in LIC 2013 Highlights

LIC launches superannuation scheme for employers

09 Sep 2013, 02:41 PM  by   822 Views | Write a Comment »

Life Insurance Corporation of India announced the launch of Superannuation plan called Group Superannuation Cash Accumulation Plan. This plan is well-matched for employers having defined contribution and definite benefit superannuation scheme for their employees.

This conventional group plan, which is a employer - employee group plan can also be offered for Government sponsored Social security scheme.

The salient feature of this plan is as under:

Posted in LIC

LIC Nomura MF investors to be benefited by auto premium payment facility

30 Aug 2013, 09:51 PM  by   381 Views | Write a Comment »
LIC Nomura Mutual Fund in association with Life Insurance Corporation of India introduced an auto premium payment system through the introduction of Auto Premium Payment System. Under this system premium amount of the investors will be remitted on due date to LIC by LIC Nomura mutual fund out of the investors available fund balance.
 
Under this, the investor has the benefit of not remembering of making payment of premium all the time thereby saving the possible lapse of the policy. 
 
The...  Read More »

Posted in LIC 2013 Highlights

IRDA raises the Debt investment cap to 20 percent for LIC

16 Aug 2013, 01:21 PM  by   418 Views | Write a Comment »

LIC LogoDuring the Insurance Summit held by CII, Mr. Rajiv Takru, Financial Services Secretary, told the press that the debt investment norms for Life Insurance Corporation (LIC) of India have been relaxed to 20% by IRDA.

Mr. T. Vijayan – Chairman of Insurance and Regulatory Development Authority of India (IRDA) said that exposure limit would change from sector to sector and that infrastructure and housing sector would be eligible for higher exposure limit. In addition to this, LIC can invest...  Read More »

Posted in LIC

Life Insurance Corporation to open offices in locations which has a population of 10000 or more

24 Jun 2013, 02:26 PM  by   535 Views | Write a Comment »
Insurance giant Life Insurance Corporation of India has announced the opening of 300 more branches across India by the end of June 2013. The company also has plans to open additional 1,700 branches by the end of this calendar year. This is in line with the announcement made by the Finance Minister Mr. P. Chidambaram in the budget where he spelled out that LIC and public insurance companies should have presence in all the towns which has a population exceeding 10,000 by the end of this financial...  Read More »

Posted in LIC Insurance

Mr SK Roy Appointed Managing Director of Life Insurance Corporation of India

03 Jun 2013, 08:29 AM  by   574 Views | Write a Comment »

Mr. S.K. Roy, who joined Life Insurance Corporation of India in 1981, was announced as the Managing Director of the Company. He is also the front runner for the post of Chairman of the company, which is currently held by Mr. D.K. Mehrotra and whose term has just ended.

 
Before being appointed as a Managing Director in LIC, Mr. S.K. Roy assumed the post of the head of the International Operations. Prior to his he was a regional manager of North Central Region and of Eastern Zone. He was also...  Read More »

Posted in LIC 2013 Highlights

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