The significant decline in the number of policies sold can be attributed to the implementation of new surrender value norms
All efforts will be taken to ensure that the claimants are reached out to and claims are settled expeditiously for the affected families
The filing further read that the corporation is still in advanced talks and no binding agreement has been entered into
LIC MD & CEO Siddhartha Mohanty said a decision on acquiring stake is likely by March 31, but he didn't disclose the health insurer's name
He is a fellow member of the Institute of Chartered Accountants of India and also a fellow of the Insurance Institute of India (qualified in 2000)
Country's largest insurance company urges customers to avoid divulging sensitive policy or banking details in response to unsolicited communications
The government's stake sale aligns with its plan to meet the regulatory requirement of a 10 per cent public shareholding by 2027
The LIC stake sale may be split into two rounds for better value, with the government likely to seek an extension if market conditions turn unfavourable
LIC's weak performance drags overall premium growth of the segment
According to ACE Equity data, LIC and ICICI Prudential fund held more than 5% stake in IndusInd Bank; another 13 fund houses owned more than 1 per cent equity of the bank as of December quarter.
14 states raised Rs 50,500 crore through bonds at the auction
The downfall in the LIC share price came after the company announced that it has received a communication/demand order for GST, interest and penalty for Maharashtra state worth about Rs 480 crore
Life Insurance Corporation of India (LIC) on Thursday said it has received a demand notice of Rs 479.88 crore for short payment of Goods and Services Tax (GST) for 2020-21. The company has received a communication/demand order for interest and penalty for Maharashtra on February 27 from Deputy Commissioner of State Tax, Mumbai, LIC said in a regulatory filing. The demand notice pertains to wrong availment and short reversal of Input Tax Credit (ITC), Interest on late payments, short payment of tax liability, it said. The order is appealable before the Joint Commissioner of State tax (Appeals), Mumbai, it said. The financial impact of the demand is to the extent of the GST (Rs 242.23 crore), Interest (Rs 213.43 crore) and Penalty (Rs 24.22 crore), it said, adding, there is no material impact on financials, operations or other activities of the corporation.
The fall in the LIC share price came after the company announced that it has received a communication/demand order for Goods & Service Tax, Interest and penalty for Delhi State worth about Rs 57.28 cr
Stocks to watch today: Mahindra and Mahindra has increased its market share to 43.8 pr cent in the domestic tractor market despite a challenging year
Life Insurance Corporation of India (LIC) on Monday said tax authorities have slapped a demand notice of about Rs 57.2 crore on it for excess Input Tax Credit (ITC) availed for the financial year 2020-21. The company has received a communication/demand order on Monday from Assistant Commissioner, Delhi regarding excess ITC availed, LIC said in a regulatory filing. The financial impact of the demand is to the extent of the GST (Rs 31,04,35,201), Interest (Rs 23,13,21,002) and Penalty (Rs 3,10,43,519), it said. There is no material impact on financials, operations or other activities of the corporation, it added.
A large portion of the dip is attributed to the over 10 per cent correction in ITC (Rs 11,863 crore), Larsen & Toubro (Rs 6,713 crore) and State Bank of India (Rs 5,647 crore) shares, thus far in CY25
State-owned Life Insurance Corporation of India (LIC) on Tuesday launched a single-premium smart pension plan that offers a range of annuity options for Single Life as well as Joint Life type of annuities. The plan was launched by Financial Services Secretary M Nagaraju along with Siddhartha Mohanty, CEO & MD of LIC, in presence of senior officials of the finance ministry and LIC. The Non-Par and Non Linked plan has several liquidity options available for partial/ full withdrawal as per terms of policy, LIC said in a statement. The Minimum Purchase Price is Rs 1,00,000 with incentives for higher purchase price and modes of annuity payments allowable are yearly, half yearly, quarterly or monthly, it said. An option to take immediate annuity by NPS subscriber is a special feature, it said. The options available on survival of the annuitant varies as per the annuity option chosen at the time of inception. The amount payable after death of annuitant will be as per the option chosen b
Employee compensation and welfare expenses dropped 30% on year to Rs 6,691 crore
Life Insurance Corporation of India (LIC) on Wednesday said it has received a demand notice of about Rs 105.42 crore for short payment of Goods and Services Tax (GST) for seven financial years. The company has received a communication/demand order for interest and penalty for several states on February 5, LIC said in a regulatory filing. The order is appealable before the Commissioner (Appeals), Lucknow, it said. The demand notice pertains to seven financial years between 2017-18 and 2023-24, it said. The financial impact of the demand is to the extent of the GST, interest and penalty. There is no material impact on financials, operations or other activities of the corporation, it said.