'At the policy's maturity, the total premium is refunded.'
The unclaimed funds within the life insurance sector are higher from policies sold by agents as against other channels like bancassurance or a digital platform, said analysts and officials from insurance companies. Unclaimed life insurance funds refer to the proceeds of insurance policies including death or survival benefits not claimed by the beneficiary or the policyholder. Bancassurance means selling an insurance product through banks.
'While some women allow themselves to be exploited so that they can climb up the ladder, there are many voiceless and silent people who get exploited by men in powerful positions.'
Leading mortgage financier LIC Housing Finance on Monday cut its home loan rates by 75 basis points for existing customers effective from April 1.
LIC accounts for 70 per cent of the life insurance market and is also the largest domestic institutional investor in the country.
Insurer seeks leeway to invest in sub-AAA-rated companies.
LIC will kickstart its credit card business in September 2008.
The Bharatiya Janata Party on Friday filed a complaint with the Election Commission against the LIC seeking a ban on its new scheme in Bangalore, alleging it is aimed at propagating the Aadhar card and helping Nandan Nilekani who is contesting Lok Sabha elections from there.
Rediff reader Stephen Pereira, 48 from Dubai tells us how he spent his first salary:
Chairman says turnaround has begun in sector expects 10% growth in firm's core business this year.
Life Insurance Corporation of India has asked the Insurance Regulatory & Development Authority to allow it a shareholding of up to 20 per cent in a company.
India's largest life insurer, Life Insurance Corporation of India (LIC), has crossed the mark of 1-crore individual policies for the current financial year, with first premium income of Rs 15,917-crore (Rs 159.17 billion) in the fortnight ended August 14, 2010.
Life Insurance Corporation of India, the country largest insurer, is in talks with the government to modify its investment norms to diversify the risk.
The public sector insurance major on Friday declared a bonus of Rs 70 per Rs 1000 sum assured for whole-life plans compared with Rs 66 of the previous financial year.
Revision in the context of an ongoing global review affecting financial institutions: Moody's
Chairman of insurance giant says it has invested Rs 16,000 cr in equity till Oct.
Reserve Bank of India on Thursday said 15 large NBFCs, including LIC Housing Finance, Bajaj Finance, Shriram Finance and Tata Sons, will be subject to enhanced regulatory requirements. The central bank has categorised NBFCs into Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL) and Top Layer (NBFC-TL). A list of 15 large Non Banking Finance Companies (NBFCs) falling in the Upper Layer category has been released.
The insurance company has formed a four-member committee headed by LIC chairman TS Vijayan to decide the valuation of LIC Mutual Fund.
Life Insurance Corporation plans to forge a joint venture for foraying into Australia and New Zealand markets.
Immediately after Reserve Bank hiked key short-term interest rates by 0.25 per cent on Tuesday, LIC Housing Finance announced that it will raise home loan rates.
LIC, the country's largest insurer, on Friday ruled out an initial public offer to raise capital, as it has made separate provisions worth about Rs 17,000 crore (Rs 170 billion) in the last few years to meet IRDA's norms.
A major section of Life Insurance Corporation employees went on strike on Thursday to press for higher pay package even as the country's largest insurer kept its offices open.
P V Subramanyam clears some misconceptions about debt funds.
Union Finance minister P Chidambaram on Tuesday announced enhancement of bonus for policy holders of the Life Insurance Corporation of India.
Indian government expects LIC to have better business this year.
Endowment Plus is a unit-linked product that offers investment-cum-insurance during the term of the policy.
Public-sector LIC for the first time witnessed its market share slipping below 80 per cent mark in November-end 2004 as competition intensified in the life insurance market with the entry of Sahara Life.
Conceding the long-pending demand from around 11 lakh agents, the Life Insurance Corporation of India (LIC) has revised the gratuity payable to agents to Rs 2 lakh from Rs 1 lakh earlier. The revised rates will be applicable retrospectively from April 1, 2007.
Life Insurance Corporation (LIC) of India, which is conducting an internal probe into the bribe-for-loan scam that surfaced at LIC Housing Finance (LICHF) in November, has not detected any aberration as yet.
The judge orally observed that the obtaining of this kind of benefit by any such nominee-director raised an important question of morality and, equally, of law.
The government sold 63.16 crore shares or 10 per cent stake in Coal India through an offer for sale (OFS) on January 30.
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