The country's biggest insurance company Life Insurance Corporation of India is planning to come out with an initial public offer by December 2005 to meet the stipulated IRDA norm of having a minimum paid-up capital of Rs 100 crore (Rs 1 billion
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.
LIC's Rs 3,000 crore bid helped HAL reach the minimum 10 per cent dilution threshold required for listing, sources said
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.
'Those betting against PSUs will likely be punished in this upswing.'
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
This is the highest cover offered by any insurance company, under any single employer-employee group life insurance policy in India, Thomas Mathew T, managing director, LIC, told media. The policy between Infosys and LIC was initated in 2002 with a uniform cover of Rs 10 lakh (Rs 1 million) per employee covering 12,000 employes for a total sum of Rs 1791 crore (Rs 17.91 billion).
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.
The uncertainty over LIC's top job arose when former chairman TS Vijayan was denied an extension after his term came to an end on May 2.
To make its stock market investments transparent and avoid further controversy, Life Insurance Corporation (LIC) has discontinued deals that were first negotiated over the telephone and then executed on the stock exchange platform, according to brokers familiar with the matter.
The country's largest insurer Life Insurance Corporation will get about Rs 280 crore (Rs 2.8 billion) from the government for hiking its capital base and carrying out expansion.
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.
The IRDA guidelines issued last month prohibits an insurer from investing more than 10 per cent in a company. LIC has invested more than Rs 1,300 billion in equities of different private and public sector companies. Prominent companies in which it holds over 10 per cent include Corporation Bank, Cipla, M&M, Maruti Suzuki, MTNL, Tata Motors, HPCL, Ranbaxy Labs, Oriental Bank, Dr Reddy's Labs, Tata Steel and Reliance Infra.
LIC sold a total of 58,29,103 shares of the company aggregating 2.018 per cent stake between August 24, 2009 and November 11, 2012 through the open market, Maruti Suzuki India said in a filing to Bombay Stock Exchange.
Following a cut in the interest rates by banks, LIC Housing Finance Ltd on Friday announced a special rate of 7.75 per cent on home loans for all terms.
The Life Insurance Corporation has decided not to nominate any retired employee as a director on the board of the almost 90 companies in which it has equity or loan exposure.
The SEBI and the RBI will look into it. Let their reports come in, BJP MP Mahesh Jethmalani said.
D K Mehrotra, chairman, LIC, tells Business Standard the proposed new product guidelines need to be tailored with some caution.
'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.'
This year's investment in equities would be one the highest
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.
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.
This is a single premium non-linked insurance plan where the risk cover is five times of premium chosen by the customer and offers guaranteed returns at maturity.
T S Vijayan makes a strong comeback man.
