'Those betting against PSUs will likely be punished in this upswing.'
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.
Life Insurance Corporation of India lost more than 8 per cent market share after posting a marginal 1.93 per cent growth in business last fiscal, while private players grew by more than 153 per cent during 2003-04.
The contract, which involves upgrade of LIC's front-end IT application programmes to make these accessible through the web, is said to be worth about Rs 200 crore, and will be done over five years. It is understood that most large Indian IT outsourcing companies, including TCS, Infosys and L&T Infotech, had competed for the contract. It was considered prestigious, not because of its size but because it involved a prestigious public sector organisation like LIC.
Life Insurance Corporation of India intends to pump in around Rs 1,05,000 crore into non-convertible debentures and equity in the current financial year, nearly 20 per cent more than the Rs 88,000 crore it invested in these instruments in 2008-09.
The Life Insurance Corporation of India, who was supposed to launch the much-awaited Varishtha Pension Bima Yojana from Tuesday, has postponed the scheme indefinitely.\n\n
The state-owned life insurer Life Insurance Corporation of India has decided to introduce strict norms for agents in a move to arrest fraudulent and early claims (arising after first year of the policy). The corporation found that early claims arose due to poor underwriting and moral hazards.
Billionaire Mukesh Ambani's Reliance Jio is India's strongest telecom brand in India, ahead of Bharti Airtel and Vodafone Idea Ltd, according to brand intelligence and data insights company TRA. TRA, formerly Trust Research Advisory, in its 'India's Most Desired Brands 2022' ranked companies according to their brand strength. Reliance Jio topped the telecom category, followed by Bharti Airtel, Vodafone Idea Ltd and BSNL.
The country's top life insurer, which has over four per cent stake in Satyam, however, ruled out joining the race for acquiring the troubled IT firm, either alone or with L&T.
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.
We are, therefore, setting up more branches in more tertiary terms, like tier 2 and tier 3 terms. Going forward, that is where the growth will come.
LIC's Rs 3,000 crore bid helped HAL reach the minimum 10 per cent dilution threshold required for listing, sources said
Mutual funds (MFs) are likely to surpass foreign portfolio investors (FPIs) in terms of anchor investments in initial public offerings (IPOs) for the second consecutive year. In calendar year 2023 so far, MFs have invested Rs 5,577 crore as anchor investors, compared to the Rs 5,417 crore invested by FPIs this year. In 2022, MFs put in Rs 9,026 crore as anchor investment, 21 per cent higher than the FPI tally of Rs 7,105 crore. This marked the first time since 2014 that MFs had outpaced FPIs in anchor investments.
D K Mehrotra, chairman, LIC, tells Business Standard the proposed new product guidelines need to be tailored with some caution.
The SEBI and the RBI will look into it. Let their reports come in, BJP MP Mahesh Jethmalani said.
The Insurance Regulatory Development Authority (Irda) is planning to issue a notice to Life Insurance Corporation of India (LIC) to stop the latter from allowing policy holders to nominate "strangers" (those who are not close relatives) and religious institutions as beneficiaries of life policy claims.
IFCI, say sources, owes nearly Rs 500 crore in debt to LIC, which has the option to convert it into equity and take its total stake from 8.4 per cent now to 49%. IFCI's proposed strategic sale has attracted expressions of interest from 10 entities.
Unfazed by competition from private players, state-owned Life Insurance Corporation of India on Tuesday said it has attained yet another landmark by bringing in 2.05 crore (20.5 million) lives under insurance cover till March 15.
'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.'
Thomas Mathew T, managing director, tells Manojit Saha and M Saraswathy about the LIC's strategy and growth plans.
T S Vijayan, whose five-term as the chairman of government-owned Life Insurance Corporation of India (LIC) ended on Tuesday, is likely to shift to UTI Mutual Fund as the new head.
In an interview with Shilpy Sinha and Sidhartha, LIC Managing Director DK MEHROTRA discusses the public sector player's strategy.
Shedding its image of a brick-and-mortar organisation, the Life Insurance Corporation of India (LIC) is all set venture into the digital era.
Even though the Life Insurance Corporation of India increased its market share to 74 per cent in terms of total new business premium policies in March 2007, compared with 72 per cent in March 2006, it has lost market share.
