Wondering why such a large amount is being paid by LIC to the government?  Well, there is nothing wrong here, it is the dividend paid by LIC to their owner, the Government India, as dividends for the financial year 2010-2011. All companies declare dividends as share part of their profits of the last financial years with their shareholders.

The hugely profitable LIC had a surplus of Rs. 22,752 crores at the end of the last financial year. From this Rs 1,138 crores is being paid to the...  Read More »

Life Insurance Corporation of India (LIC) today launched a new Single Premium Insurance   Plan named LIC Jeevan Vriddhi.

It is a simple plan with Basic Sum Assured being 5 times the premium paid. So if a person pays a premium of Rs. 50,000 the nominee would get Rs. 2,50,000 as death benefit in case of policyholder’s unfortunate death. The plan has a term of 10 years.

In case of survival, there is a Guaranteed Maturity Sum Assured and Loyalty Additions which are payable. The...  Read More »

Life Insurance Corporation of India, LIC has launched a new Child Insurance Plan today. The plan is called Jeevan Ankur.

LIC Jeevan Ankur is a traditional insurance plan which is not market linked. It is a participating plan which means that Bonus will accrue to the plan depending on the performance of the company. In this plan, the life of the parent is insured. In case of the death of the policy-holder, the nominee will get the Basic Sum Assured immediately and additionally 10% of the Basic...  Read More »

The country’s largest insurer, Life Insurance Corporation of India (LIC), will be investing a huge chunk of money in equities this financial year.

While its investment target is Rs 40,000 crore, so far, LIC has invested only around Rs 25,000 crore in equities. This leaves room for another Rs 15,000 crore which it plans to invest in equities.

According to media reports, the cash-rich insurer is also interested in buying shares owned by the Special Undertaking of Unit Trust of India...  Read More »

The life insurance industry has undergone a major slowdown this year during April to November as compared to the corresponding period in the previous year. The premium collections of all the life insurers, including the 23 private players and Life Insurance Corporation of India (LIC), has resulted in a drop of almost 19% over that in the previous year.

LIC premiums have declined by 17.6%, while the private insurance companies have suffered a setback of 22.4%. The country’s largest life...  Read More »

Life Insurance Corporation (LIC) of India earned a profit of Rs 6,542.72 crore from investments in stock market in the first seven months, that is, April to October 2011.

During April-October period of 2011, LIC invested Rs 21,294.80 crore in the equity market of which they earned a profit of Rs.6,542.72 crore. However, the investment in the stock market previous year wasn’t as high as it was in the year before last. LIC invested Rs 43,213.60 crore in the stock market in 2010-11 against Rs...  Read More »

Life Insurance Corporation of India (LIC) has signed a Memorandum of Understanding (MoU) with Dhanlaxmi Bank to facilitate electronic transfer of funds to its policyholders.

To increase security and privacy of the policy money, and to speed up the credit process, LIC has taken a decision to credit all payments directly to the policyholder’s bank account.  Payments include Maturity Benefit, Survival Benefit, Surrender Benefit, Pensions; Money on Group Schemes, Loans etc.

The credit of...  Read More »

LIC (Life Insurance Corporation of India), the country’s largest insurer, would be asked by the finance ministry officials to pick up 5-10% of the government’s stakes in the public sector undertakings (PSUs).
 
This move will be a part of the Indian government’s efforts to raise Rs 40,000 crore through disinvestment. The cash-rich LIC is the biggest domestic institutional investor in India and it has already set aside more than Rs 40,000 crore for investing in public as well as private sector...  Read More »

The country’s largest insurer Life Insurance Corporation of India (LIC), has been directed by the IRDA to settle insurance claims within the stipulated time frame.

Following a complaint against LIC regarding partial settlement of a death claim, the insurance regulator carried out an inspection on May 31st, 2010. Although the regulator found that there was no violation in respect to the complaint, it noticed that LIC had taken more than 6 months to reject 24 group insurance death claims. In...  Read More »

The country’s largest insurer, LIC has plans to launch four new insurance policies in the market; one of them is most likely to be a policy designed for women.

LIC Managing Director A K Dasgupta said that in view of the favourable conditions, it is the right time for LIC to introduce new products. “There will be at least four products in both the categories and at least one for women, though we have one of the best products for women, Jeevan Bharathi, available in the insurance sector,” he...  Read More »