Insurance News on LIC

LIC launches Single Premium Jeevan Shagun Plan

04 Sep 2014, 03:13 PM  by   1681 Views | Write a Comment »

LIC Jeevan Shagun Single PremiumLife Insurance Corporation (LIC) of India announced the launch of their new single premium plan called Jeevan Shagun. LIC Jeevan Shagun is a participating, non-linked insurance plan.

Under this plan, the proposer will have an option to choose the Maturity Sum Assured. The single premium payable shall depend on the chosen amount of maturity sum assured and age of the life assured.

At the end of 10th policy year, 15% of the sum assured will be paid and at the end of 11th year, 20% of the sum...  Read More »

Posted in LIC Policy Launches 2014

LIC Launches Jeevan Shagun: a Single Premium Money Back Plan

02 Sep 2014, 05:59 PM  by   1170 Views | Write a Comment »

LIC has launched a Single Premium Money Back Plan yesterday called LIC Jeevan Shagun which is open for sale only for a period of 90 days from the launch date, which is yesterday. This policy offers Loyalty Benefits after completion of 5 policy years. The Maturity Sum Assured in this plan is chosen and the premium is calculated according to the Life Insured's age since the policy has a Fixed Tenure of 12 years

There is Survival Benefit in this plan of 15% of the Maturity Sum Assured at the end...  Read More »

Posted in LIC

LICs new guaranteed plan does not ask for any medical checkup

22 Aug 2014, 04:23 PM  by   1490 Views | Write a Comment »

LIC Jeevan Rakshak LogoLife Insurance Corporation of India has just launched a new plan called LIC's Jeevan Rakshak Plan. This is a guaranteed return plan which offers a combination of protection and savings. The key highlight of this plan is that you don’t need to undergo any medical examination before buying the policy.

LIC Jeevan Rakshak is a participating non-linked plan which is aim to provide financial support to the policyholder’s family in case of unfortunate death of the policyholder. The policy also...  Read More »

Posted in LIC Policy Launches 2014

LIC launches their first online term plan LIC E-Term

20 May 2014, 05:47 PM  by   3217 Views | Write a Comment »

LIC LogoAfter a really long wait, Life Insurance Corporation (LIC) of India has launched its first online term plan called LIC e-Term. After the immense success of online term plans by a couple of life insurers, almost all the life insurance companies hit the market with their online term plans.

Some life insurers improvised and rolled out online term plan with riders, Term with return of premium option, Online ULIP and many other online insurance plans. But all throughout there was a common question...  Read More »

Posted in LIC

Politicians instill their faith in LIC: says Poll Affidavits

16 May 2014, 09:09 PM  by   2674 Views | Write a Comment »

Amidst the Political pandemonium, the top politicians of the country instill their confidence on Life Insurance Corporation of India, LIC the state run insurance company by applying for coverage on their lives. The poll affidavits reveal that high profile politicians like BJP Prime Ministerial candidate Narendra Modi, Congress' Ajay Maken, and Naveen Jindal among others have taken LIC Policies. Loads of poll contestants have also taken LIC Policies. Most politicians have taken their life coverage...  Read More »

Posted in LIC

LIC launches New Plan

02 Jan 2014, 08:58 PM  by   5560 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   1421 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   1267 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   1268 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   937 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

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