Page 3 - Life Insurance Corporation Of India Lic

LIC's group yearly renewable premium rises by 137% in Apr-Jan FY24

In January 2024, LIC saw an increase of 36.51 per cent in Group Premium and 41.04 per cent growth in Group Yearly Renewable Premium from January 2023

LIC announces launch of unit linked, regular premium 'Index Plus'

According to exchange filing, the product which will be available from February 6, 2024 is a unit linked, non-participating, individual life insurance plan

LIC to acquire 10% stake in National Housing Board-promoted company

Life Insurance Corporation of India (LIC) on Monday said its board has approved acquiring up to 10 per cent in a company promoted by the National Housing Bank (NHB). In a regulatory filing, LIC said the board has cleared the proposal to invest in a new company, promoted by the NHB, for residential mortgage-backed securities, through equity contribution up to 10 per cent of the share capital. The investment is to be made in one or more tranches, it added. Details about the company were not disclosed. LIC has a housing finance subsidiary -- LIC Housing Finance Ltd -- that was incorporated in 1989. This company went public in 1994 and since then its stocks are listed on the National Stock Exchange (NSE) and Bombay Stock Exchange Limited (BSE).

LIC receives GST demand notice of Rs 663 crore from Chennai tax officials

Life Insurance Corporation of India (LIC) on Wednesday said tax authorities have slapped a demand notice of about Rs 663.45 crore on it for short payment of Goods and Services Tax (GST). The corporation has received communication/demand order for interest and penalty from Office of the Commissioner of CGST & Central Excise, Chennai North Commissionerate on January 1, LIC said in a regulatory filing. The demand pertains to wrong availment of Input Tax Credit (ITC) and non-payment on tax on turnover wrongly declared as non-GST supply in GSTR-1 for 2017-18, and 2018-19, it said. The corporation shall file an appeal before the Commissioner (Appeals), Chennai against the said order within the prescribed timelines, it said. There is no material impact on financials, operations or other activities of the corporation, it added. On Tuesday, the company received a demand order for interest and penalty of about Rs 116 crore for Telangana state for short payment of GST for 2017-18. The deman

Private players see 6% rise in benefits paid to Rs 1.57 trillion in FY23

LIC, while seeing a marginal decline to Rs 3.39 trillion, still accounts for a lion's share of 69% of total benefits paid

LIC receives Rs 806 crore tax notice for FY18 from Mumbai state tax office

In October 2023, LIC had filed an appeal with the Bombay High Court against the Income Tax Appellate Tribunal's decision to give the insurer relief in two tax disputes amounting to Rs 4,993 crore

Women's life insurance share rises to 34.2% in 2022-23: IRDAI report

As per the IRDAI's annual report 2023, of the total policies sold, the number of policies issued to women was around 9.73 million, which is 34.20 per cent of the total

LIC gets one-time exemption from 25% minimum public shareholding rule

State-owned insurer has received an extension of 10 years and would need to meet the criteria by May 2032

LIC notifies hike in gratuity limit to Rs 5 lakh from Rs 3 lakh for agents

Life Insurance Corporation (LIC) has notified an increase in gratuity limit to Rs 5 lakh from Rs 3 lakh for its agents. The increase was effected by amending the Life Insurance Corporation of India (Agents) Regulations, 2017. These regulations may be called the Life Insurance Corporation of India (Agents) Amendment Regulations, 2023, LIC said in a regulatory filing on Friday. These regulations came into force on the date of their publication in the Official Gazette dated December 6. The Finance Ministry in September had approved a series of welfare measures, including enhancement of the gratuity limit and family pension, for the benefit of LIC agents and employees. The ministry had enhanced the gratuity limit from Rs 3 lakh to Rs 5 lakh for LIC agents aimed at bringing substantial improvements to the working conditions and benefits for them. It also enabled the reappointed agents to be eligible for renewal commission, thereby providing them with increased financial stability. ...

LIC gets demand order for GST collection worth Rs 183 cr from Telangana

LIC added that the monetary penalty will not have an impact on the financials of the corporation

Life insurance companies clock a 25.28% drop in premiums, shows data

Among the private insurance companies, SBI Life Insurance, the largest private insurer, reported a 9.84 per cent decline in premiums to Rs 2,381.73 crore

LIC reclaims Rs 5 trn market capitalisation mark, shares hit 18-mth high

According to the data released by Life Insurance Council, the premium of Life Insurance Corporation of India (LIC) dropped by 32.86 per cent in November 2023 to Rs 16,134.55 crore

LIC amends norms for inclusion of shareholders' directors on its board

State-owned insurer LIC on Saturday said it has amended a framework to allow the induction of shareholders' directors on its board. LIC was listed on bourses following the largest initial public offering in the Indian capital market last year. The government raised Rs 20,557 crore by diluting its 3.5 per cent stake in the insurer. Life Insurance Corporation of India (shareholders' director) Regulations, 2023, was notified in the Gazette of India on December 1, 2023, LIC said in a regulatory filing. The corporation would, upon notice of not less than one thousand shareholders or one-tenth of the total number of shareholders, whichever is lower, elect a shareholders' director through a general meeting of such shareholders, the regulation said. The person elected as a shareholders' director would be appointed by the board for a term of 4 years and eligible for re-election and re-appointment for another term of 4 years, it added. At present, LIC has five executive directors, including

LIC exploring possibility of setting up fintech arm says, Chairman Mohanty

As part of its digital transformation exercise, insurance behemoth Life Insurance Corporation (LIC) is exploring the possibility of setting up a fintech unit. LIC has initiated a total digital transformation project DIVE (Digital Innovation and Value Enhancement) and appointed a consultant to steer the project, LIC Chairman Siddhartha Mohanty told PTI in an interview. "Our objective is to get best in class digital initiatives for all our stakeholders, customers, intermediaries, marketing people and everybody through the project DIVE," he said. In the first phase, the customer acquisition part is going to be transformed, he said. Customer acquisition is done through three modes--agent, bancassurance and direct sale. LIC gets most of its new customers through its agents. Subsequently, other areas would see transformation, he said, adding, services like claims settlement, loan and other services will be made available at the click of a button. "Customers need not come to the office

LIC targets double-digit growth, plans 3-4 products for FY24: Chairman

Insurance behemoth Life Insurance Corporation (LIC) has lined up 3-4 product launches in the coming months with a view to achieve double-digit growth in new business premium in the current financial year. "We are projecting double-digit growth over the last year. We are going to achieve that because a recent trend is showing uptick in individual retail business. In order to further reinforce our commitment, we are going to launch some new attractive products," LIC Chairman Siddhartha Mohanty told PTI in an interview. LIC is going to launch one product in the first week of December, he said, hoping that it will attract a lot of traction in the market. Sharing some features of the new product, Mohanty said it will provide assured returns and after maturity, the policyholder will get 10 per cent of the sum assured life long. He exuded confidence that the new product will create disruption in the market as everybody wants to know how much he or she is paying and the returns one would g

Demand for 50-year government bond seen firm from insurance firms

Rupee and bond gain post dovish stance by FOMC

LIC's sops for agents could price out smaller life insurance companies

The new benefits incentivise 1.35 million agents to continue with LIC, India's largest life insurer, but raise the heat on smaller firms in an expanding but difficult business

LIC to challenge Rs 290 cr GST bill issued by Bihar tax authority

LIC gears up to appeal against a hefty GST demand exceeding Rs 290 cr, encompassing penalties and interest

Govt appoints R Doraiswamy as LIC MD effective Sept 1, in place of Ipe Mini

Life Insurance Corporation of India (LIC) on Monday said the government has appointed R Doraiswamy as the managing director. Doraiswamy is currently executive director at the central office in Mumbai. He has been appointed as managing director of LIC in place of Ipe Mini with effect from the date of assumption of charge of office on or after September 1, 2023 and up to the date of his superannuation August 31, 2026, or until further orders, whichever is earlier, a regulatory filing said. The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, in June had recommended the name of Doraiswamy as MD. The FSIB is headed by Bhanu Pratap Sharma, former secretary, Department of Personnel and Training (DoPT). Other members of the headhunter are the secretary, Department of Financial Services, secretary, Department of Public Enterprises, IRDAI Chairman Debasish Panda, former LIC managing director Usha Sangwan and former

LIC increases its shareholding in Hindustan Petroleum by over 5%

LIC's shares closed at Rs 557.35 apiece on BSE, down 0.93 per cent