The Bombay high court has ruled that LIC has to honour claims made by lenders, that is banks, non-banking finance companies and financial institutions, if an LIC policyholder defaults in repaying the loan to the lender.
During the first quarter ended June, 2014-15 fiscal, LIC earned a total premium of Rs 14,016 crore.
Life Insurance Corporation scotched speculation of setting up or acquiring a bank on Wednesday but said it plans to enter credit cards business and manage pension funds.
These mutual funds from LIC have been steady performers since the last 5 years
Life Insurance Corporation on Friday launched two schemes -- a money-back children's plan 'Jeevan Anurag' and pension with endowment plan 'Jeevan Nidhi.'
LIC has proposed a consolidation of its real estate portfolio and is inviting bids from consultancy organisations.
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.
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.
LIC's Rs 3,000 crore bid helped HAL reach the minimum 10 per cent dilution threshold required for listing, sources said
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.
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.
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 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.
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.
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.
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.
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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
D K Mehrotra, chairman, LIC, tells Business Standard the proposed new product guidelines need to be tailored with some caution.
This year's investment in equities would be one the highest
'Those betting against PSUs will likely be punished in this upswing.'
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.
The SEBI and the RBI will look into it. Let their reports come in, BJP MP Mahesh Jethmalani said.
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.
