Call to scrap amendment bills
13 years, 4 months ago

Call to scrap amendment bills

The Hindu  

Members of the Insurance Corporation Employees' Union, Madurai division, staged a lunch-hour demonstration here on Tuesday demanding that the Central government scrap the LIC and Insurance Law Amendment bills Answering a call given by the All India Insurance Employees Association in view of the Parliamentary Winter session commencing on Tuesday, the protestors raised slogans pressing various demands. According to the ICEU's general secretary-Madurai division, N. Suresh Kumar, the LIC Amendment bill was a possible precursor to privatisation as it empowered the government to revoke its sovereign guarantee given to Life Insurance Corporation of India. The Insurance Law Amendment Bill would allow increasing the cap on foreign direct investment in insurance sector to 49 per cent from 26 per cent. Also, it would allow public sector general insurance companies to approach the stock markets to raise capital, which could also lead to possible privatisation, he said.

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History of this topic

Several clauses in Insurance Act Amendment Bill against spirit of nationalisation, says LIC union leader
1 month, 1 week ago

Several clauses in Insurance Act Amendment Bill against spirit of nationalisation, says LIC union leader

The Hindu  

Members of the All India Insurance Employees’ Association conducted a signature campaign to bring forth the public opinion in Kadapa on Sunday on the Union Government’s proposal to allow 100 per cent Foreign Direct Investment in the insurance sector. The event was conducted under the leadership of AIIEA zonal working committee member Akbar Basha, where leading personalities such as Tourism …

LIC is India’s most privileged insurer. So why is it losing its way?
1 month, 3 weeks ago

LIC is India’s most privileged insurer. So why is it losing its way?

Live Mint  

India’s insurance sector is the 10th largest in the world, expected to be worth $170 billion by 2027. Biggest strengths = biggest weaknesses LIC’s biggest strengths are its government backing, its humongous size, and its massive offline presence via its agency channel and widespread branches. Regulatory upheaval The regulatory landscape of India’s insurance industry has been changing quickly, adding to …

Budget 2025: Insurance stocks LIC, ICICI Lombard trade higher after FM announces 100% FDI in insurance sector
2 months ago

Budget 2025: Insurance stocks LIC, ICICI Lombard trade higher after FM announces 100% FDI in insurance sector

Live Mint  

Budget 2025: Insurance stocks LIC India, ICICI Lombard General Insurance Company and New India Assurance Company traded with decent gains in intraday trade on Saturday, February 1, after Finance Minister Nirmala Sitharaman announced increasing the FDI limit to 100 per cent in the insurance sector. "The 100 per cent FDI allowance in insurance is a welcome move that will attract …

LIC clarifies on ManipalCigna stake acquisition buzz; here’s what the insurer said
4 months ago

LIC clarifies on ManipalCigna stake acquisition buzz; here’s what the insurer said

Live Mint  

Stock Market Today: Public sector insurer Life Insurance Corporation of India clarified in an exchange filing on Thursday, November 28, regarding a recent news item about a potential 50% stake acquisition in ManipalCigna Health Insurance. Business daily The Economic Times today reported that Life Insurance Corporation of India is in discussions to acquire a nearly 50% stake in ManipalCigna Health …

LIC asks shareholders to update these details to avoid higher TDS on dividends: Check deadline
8 months, 3 weeks ago

LIC asks shareholders to update these details to avoid higher TDS on dividends: Check deadline

Hindustan Times  

The Life Insurance Corporation of India advised shareholders to update their Permanent Account Numbers. The Income Tax Act, 1961 mandates that LIC deducts tax at source on dividends paid to members. For this, LIC members are requested to complete and/or update their residential status, PAN and other details as per the IT Act. LIC said, “Members who have not updated …

LIC to enter health insurance? ‘Done some internal groundwork’, exploring acquisition opportunities
10 months ago

LIC to enter health insurance? ‘Done some internal groundwork’, exploring acquisition opportunities

Hindustan Times  

State-run Life Insurance Corporation may enter the health insurance segment and is reportedly exploring acquisition opportunities. At present, life companies can only offer long-term benefit covers under health insurance and for them to provide hospitalisation and indemnity cover, an amendment to the Insurance Act would be needed. LIC quarterly results The public sector insurer posted a net profit of ₹13,781.59 …

LIC plans health insurance foray after historic dividend payout, explores acquisitions
10 months ago

LIC plans health insurance foray after historic dividend payout, explores acquisitions

India TV News  

Life Insurance Corporation of India is planning to enter the health insurance market and is exploring potential acquisitions to facilitate this expansion. Record-breaking dividend payout LIC has announced a final dividend of Rs 6 per share for the fiscal year 2023–24, marking the highest dividend payout in its history and doubling last year’s Rs 3 per share. Market context and …

LIC shares up after it gets 3 years to meet minimum public shareholding norms
10 months, 2 weeks ago

LIC shares up after it gets 3 years to meet minimum public shareholding norms

Hindustan Times  

LIC share price today: The shares of Life Insurance Corporation of India opened at ₹934 apiece on NSE and touched an intraday high of ₹962 per share as they were up 5 per cent rise against Tuesday's close of ₹931 apiece. This comes after market regulator Securities and Exchange Board of India granted three years more years to LIC to …

LIC targeting double digit growth, plans to launch 3-4 new products for FY24: Chairman
1 year, 4 months ago

LIC targeting double digit growth, plans to launch 3-4 new products for FY24: Chairman

Live Mint  

Insurance behemoth Life Insurance Corporation is set to unveil 3-4 new products in the upcoming months, aiming a double-digit increase in new business premiums during the current fiscal year. Mohanty further added that 2-3 additional policies will be introduced throughout the year to attain a double-digit growth in new business premiums. In the initial half of the ongoing financial year, …

Indian insurer LIC slides in market debut after record IPO
2 years, 10 months ago

Indian insurer LIC slides in market debut after record IPO

Al Jazeera  

LIC’s weak debut comes even as stocks in India and the broader Asian market rallied on Tuesday. India’s biggest insurer and largest domestic financial investor was trading at 887 rupees as of late morning, giving it a market value of about 5.6 trillion rupees and making it the country’s fifth-biggest company. Fintech firm Paytm plunged in its debut last November …

LIC IPO for Policyholders: India Largest IPO Opens Tomorrow Key Things Need To Know
2 years, 10 months ago

LIC IPO for Policyholders: India Largest IPO Opens Tomorrow Key Things Need To Know

ABP News  

New Delhi: The country’s largest life insurance provider, Life Insurance Corporation of India, will launch its initial public offer for general investors on Wednesday. The government seeks to offload 3.5 per cent stake in the state-run insurance behemoth to fetch Rs 21,000 crore through LIC IPO. Offer details The government is eyeing to raise Rs 21,000 crore at the upper …

LIC IPO to have a Bumper Listing? You Can Expect as Insurer Sees Robust Growth in FY22
2 years, 11 months ago

LIC IPO to have a Bumper Listing? You Can Expect as Insurer Sees Robust Growth in FY22

News 18  

LIC IPO: The Life Insurance Corporation of India, or LIC’s chances to perform well at the bourses when the LIC IPO gets listed, just got higher. In March, however, the country’s largest insurer’s premium collections jumped to Rs 42,319.22 crore, a 51 per cent increase than the previous year, as per the data. In the year ended March 31, 2022, …

No illegality in floating LIC IPO through Money Bill, says Madras High Court
3 years ago

No illegality in floating LIC IPO through Money Bill, says Madras High Court

The Hindu  

There is no constitutional illegality in Parliament having amended the Life Insurance Corporation Act of 1956 by way of a ‘Money Bill’ for floating an Initial Public Offering and parting with its shareholding in the corporation to raise ₹65,000 crore to ₹70,000 crore initially to the Consolidated Fund of India, the Madras High Court has ruled. The First Division Bench …

Cabinet allows up to 20% FDI in IPO-bound LIC: Sources
3 years, 1 month ago

Cabinet allows up to 20% FDI in IPO-bound LIC: Sources

India TV News  

Cabinet allows up to 20% FDI in IPO-bound LIC: Sources The decision in this regard was taken by the Union Cabinet, chaired by Prime Minister Narendra Modi. FDI policy currently lists only 'Insurance Company' and 'Intermediaries or Insurance Intermediaries' The government on Saturday permitted up to 20 per cent foreign direct investment under automatic route in IPO-bound LIC with an …

LIC IPO: Why is India’s largest insurer being listed?
3 years, 1 month ago

LIC IPO: Why is India’s largest insurer being listed?

Live Mint  

India is embarking on the blockbuster listing of the country's largest insurer as part of a wider privatisation drive to bolster public coffers drained by the coronavirus pandemic and fund new infrastructure. While the pricing has not yet been set, analysts expect the IPO of the Life Insurance Corporation of India to be India's largest to date, potentially earning the …

Good News for policyholders! LIC offers opportunity to revive lapsed policies | Check details
3 years, 1 month ago

Good News for policyholders! LIC offers opportunity to revive lapsed policies | Check details

India TV News  

IPO-bound Life Insurance Corporation of India has launched a campaign for revival of individual lapsed policies. "While the current Covid-19 pandemic scenario has emphasised the need for mortality protection, this campaign is a good opportunity for LIC's policyholders to revive their policies, restore life cover and ensure financial security for their family," the state-run insurer said in the release. Eligible …

LIC Policies to be Available on Policybazaar from Now. Know Details
3 years, 1 month ago

LIC Policies to be Available on Policybazaar from Now. Know Details

News 18  

The Life Insurance Corporation of India has announced a tie up with insurance aggregator Policybazaar.com. “LIC, the country’s pioneer in life insurance and Policybazaar.com have joined hands to offer a wide range of term and investment products to consumers. “LIC has been the pioneer and a dominant player in the life insurance segment ensuring financial protection for India’s masses. LIC …

LIC IPO Plans on Track, Should Happen This Year Itself: FM Nirmala Sitharaman to News18
3 years, 1 month ago

LIC IPO Plans on Track, Should Happen This Year Itself: FM Nirmala Sitharaman to News18

News 18  

Union finance minister Nirmala Sitharaman on Wednesday said the much-awaited initial public offering of state-owned Life Insurance Corporation of India should happen “this year itself". In an exclusive interview with Rahul Joshi, Group Editor-in-Chief, Network18, she said, “LIC IPO plans are going fine. The LIC stock launch will be the biggest initial public offering in India with the country pushing …

LIC IPO unlikely to take place this fiscal. Here is why
3 years, 3 months ago

LIC IPO unlikely to take place this fiscal. Here is why

Live Mint  

New Delhi: The government is unlikely to come up with the IPO of Life Insurance Corporation in the current financial year ending March 2022, as the valuation of the state-owned behemoth is taking more than anticipated time, and preparatory work is still far from complete. Valuation of LIC is a complex process because of its size, product mix, real estate …

Govt mulls allowing FDI in Life Insurance Corporation of India ahead of IPO
3 years, 7 months ago

Govt mulls allowing FDI in Life Insurance Corporation of India ahead of IPO

India TV News  

The government is considering allowing foreign direct investment in Life Insurance Corporation of India ahead of the mega initial public offering. These bankers will include Axis Capital Ltd, DAM Capital Advisors Ltd, HDFC Bank Ltd, ICICI Securities Ltd and IIFL Securities Ltd. Other bankers that made a presentation on Wednesday are JM Financial Ltd, Kotak Mahindra Capital Co Ltd, SBI …

LIC IPO Date Update: Government plans to complete public offer of insurance giant before March 2022
3 years, 8 months ago

LIC IPO Date Update: Government plans to complete public offer of insurance giant before March 2022

India TV News  

The government plans to complete the initial public offering of Life Insurance Corporation in the current fiscal, the Minister of State for Finance Bhagwat Kishanrao Karad said on Monday. The government on Thursday had invited bids to appoint merchant bankers and legal advisors for the IPO and subsequent listing of the country's largest insurer. "The Initial Public Offer of the …

Parliament Passes Bill To Increase FDI Ceiling Limit In Insurance Sector To 74% From 49%
4 years ago

Parliament Passes Bill To Increase FDI Ceiling Limit In Insurance Sector To 74% From 49%

Live Law  

The Lok Sabha on Monday passed the Insurance Bill, 2021 which seeks to increase the maximum permissible Foreign Direct Investment in the insurance sector to 74%, from the current limit of 49%. As per the Statement of Object annexed to the Bill, "In order to achieve the objective of Government's Foreign Direct Investment Policy of supplementing domestic long-term capital, technology …

Rajya Sabha Passes Bill To Increase Foreign Direct Investment In Indian Insurance Sector To 74%
4 years ago

Rajya Sabha Passes Bill To Increase Foreign Direct Investment In Indian Insurance Sector To 74%

Live Law  

The Rajya Sabha on Thursday passed the Insurance Bill, 2021 which seeks to increase the maximum permissible Foreign Direct Investment in the insurance sector to 74%, from the current limit of 49%. As per the Statement of Object annexed to the Bill, "In order to achieve the objective of Government's Foreign Direct Investment Policy of supplementing domestic long-term capital, technology …

Cabinet Approves Amendments in Insurance Act to Increase FDI up to 74%: Report
4 years ago

Cabinet Approves Amendments in Insurance Act to Increase FDI up to 74%: Report

News 18  

New Delhi: The Union Cabinet on Wednesday gave its nod for amendments in the Insurance Act, paving way for 74 per cent foreign direct investment in the sector. Currently, the permissible FDI limit in the life and general insurance stands at 49 per cent with ownership and management control with Indian. Finance Minister Nirmala Sitharaman in Budget 2021-22 said, “I …

LIC employees protest against Centre's disinvestment proposal
4 years, 1 month ago

LIC employees protest against Centre's disinvestment proposal

India TV News  

LIC employees protest against Centre's disinvestment proposal During the Union Budget on Monday, Finance Minister Nirmala Sitharaman said that the initial public offering of LIC will be brought in through requisite amendments in the session itself. During the Union Budget on Monday, Finance Minister Nirmala Sitharaman said that the initial public offering of LIC will be brought in through requisite …

LIC IPO may spill over to next fiscal as govt looks at valuation of insurer
4 years, 5 months ago

LIC IPO may spill over to next fiscal as govt looks at valuation of insurer

India TV News  

The mega initial public offering of Life Insurance Corp may spill over to the next fiscal as the government will first look at the independent actuarial valuation of the country's largest insurer, a top official has said. Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said the pre-IPO work of LIC is going on at four stages …

LIC IPO expected to improve accountability, transparency; encourage pvt sector insurance firms to get listed: Fitch
5 years, 1 month ago

LIC IPO expected to improve accountability, transparency; encourage pvt sector insurance firms to get listed: Fitch

Firstpost  

The proposed initial share sale of LIC will improve the accountability and transparency of the country’s largest insurer and benefit the insurance industry, Fitch Ratings said on Wednesday New Delhi: The proposed initial share sale of LIC will improve the accountability and transparency of the country’s largest insurer and benefit the insurance industry, Fitch Ratings said on Wednesday. The benefits …

LIC 'disinvestment': Outrageous idea
5 years, 1 month ago

LIC 'disinvestment': Outrageous idea

The Hindu  

The biggest bombshell in Finance Minister Nirmala Sitharaman’s Budget speech lay in something the Finance Minister does not even have the authority to do: the proposed sale of a portion of the government’s “stake” in Life Insurance Corporation of India. Nirmala Sitharaman’s perfunctory statement, “The government now proposes to sell a part of its holding in LIC by way of …

Budget 2020 | Unions protest LIC stake divestment move
5 years, 2 months ago

Budget 2020 | Unions protest LIC stake divestment move

The Hindu  

Employee unions of the Life Insurance Corporation of India on Saturday opposed the Centre’s plan to sell a part of its stake in the state-run insurance behemoth through an initial public offering, insisting that the move was “against national interest.” Finance Minister Nirmala Sitharaman said the LIC would be listed as part of the government disinvestment initiative. The government proposed …

Budget 2020: LIC to be disinvested, listed on stock exchange. Read details
5 years, 2 months ago

Budget 2020: LIC to be disinvested, listed on stock exchange. Read details

Op India  

Finance Minister Nirmala Sitharaman in her Budget 2020 speech on Saturday announced that the government has proposed to sell a part of its holdings in state-owned Insurance company Life Insurance Corporation of India. “The government proposes to sell a part of its stake in LIC through IPO,” said Finance Minister in her Budget 2020 speech. Life Insurance Corporation of India …

LIC to go public? If that happens, govt’s favourite milch cow will finally get a life of her own
5 years, 8 months ago

LIC to go public? If that happens, govt’s favourite milch cow will finally get a life of her own

Firstpost  

To be sure, LIC has been rampantly used by both the previous United Progressive Alliance and the National Democratic Alliance governments despite a steady fall in its share in the insurance industry. Besides creating a heavyweight in Indian bourses, LIC’s listing will also testify the government’s intent to unlock the value in large state-owned companies helping the economy in a …

1991 reforms through the eyes of an insurance agent
8 years, 4 months ago

1991 reforms through the eyes of an insurance agent

Live Mint  

Ram Krishan Taheem has been selling dreams for almost three decades now—or at least that’s how he describes his job as a sales agent for the Life Insurance Corp. of India. Most people have their first contact with an insurance company through people like Taheem, whose job is to help individuals and businesses select policies that provide the best protection …

Govt introduces Insurance Bill in Lok Sabha despite Left, TMC uniting to oppose it
10 years ago

Govt introduces Insurance Bill in Lok Sabha despite Left, TMC uniting to oppose it

Firstpost  

The bill seeks to amend the Insurance Act, 1938 and the General Insurance Business Act 1972 and the Insurance Regulatory and Development Authority Act, 1999. New Delhi: A key economic reform bill, providing for raising the FDI cap in insurance sector to 49 per cent, was introduced in Lok Sabha today amid stiff opposition by Left and TMC. The Insurance …

LIC's market share falls to 70% as premium collection dips by 21%
10 years, 1 month ago

LIC's market share falls to 70% as premium collection dips by 21%

Firstpost  

LIC the country’s largest insurer, has seen its market share slip to 70 percent this fiscal as its new business premium shrunk by over 21 percent in April-December period. New Delhi: Life Insurance Corporation of India, the country’s largest insurer, has seen its market share slip to 70 percent this fiscal as its new business premium shrunk by over 21 …

Insurance reforms to bring in foreign investment: industry
10 years, 3 months ago

Insurance reforms to bring in foreign investment: industry

Firstpost  

A day after the conclusion of the Winter session of Parliament, the cabinet approved promulgation of the Ordinance on Insurance Bill, re-promulgation of the Coal Ordinance and allowing 100 percent FDI in medical devices in the pharmaceutical sector. New Delhi: The government’s approval to key insurance and coal sector reforms will help attract much-needed investments, boost domestic manufacturing and usher …

Govt approves Ordinance to hike FDI in insurance to 49%
10 years, 3 months ago

Govt approves Ordinance to hike FDI in insurance to 49%

The Hindu  

Government on Wednesday approved promulgation of an Ordinance to hike Foreign Direct Investment cap in the insurance sector to 49 per cent from 26 per cent, as the legislation could not be passed in the Parliament session that ended on Tuesday. The Insurance Bill, which has been pending since 2008 in the Rajya Sabha, seeks to increase the composite foreign …

LIC favours raising FDI cap in insurance sector to 49 per cent
10 years, 6 months ago

LIC favours raising FDI cap in insurance sector to 49 per cent

India TV News  

New Delhi: Public sector insurer LIC has lent its support to government's proposal of raising the FDI limit in the sector to 49 per cent, a move criticised by a section of the select committee that is evaluating amendments to a bill pending for four years in the Rajya Sabha. Sources said LIC Chairman SK Roy, while presenting the view …

Insurance bill to be taken up in winter session: Chidambaram
11 years, 6 months ago

Insurance bill to be taken up in winter session: Chidambaram

Firstpost  

Finance Minister P Chidambaram today said the Insurance Laws Bill, which seeks to raise the foreign equity cap in the sector to 49 per cent, will be taken up in the winter session of Parliament. New Delhi: Finance Minister P Chidambaram today said the Insurance Laws Bill, which seeks to raise the foreign equity cap in the sector to 49 …

LIC’s investment cap up to 25% under special circumstances
11 years, 7 months ago

LIC’s investment cap up to 25% under special circumstances

The Hindu  

The Finance Ministry on Wednesday said the public sector insurance behemoth LIC can increase its investment in companies up to 25 per cent from the current 20 per cent under special circumstances. In case LIC wants, the board can take this to 25 per cent”, Financial Services Secretary Rajiv Takru said. On the new bancassurance model, which will allow banks …

FDI in defence needs more clarity, feel experts
11 years, 8 months ago

FDI in defence needs more clarity, feel experts

The Hindu  

Experts have voiced concerns over the government’s move to allow more foreign investment in defence stating that more clarity is needed while allowing higher FDI. The government, on Tuesday, announced FDI cap in defence at 26 per cent, even while stating that higher foreign investment in ‘state-of-the-art’ technology manufacturing will be considered by the Cabinet Committee on Security on a …

MNC insurers ask for hike in FDI cap to 49%
12 years, 2 months ago

MNC insurers ask for hike in FDI cap to 49%

Firstpost  

A group of multinational insurers today pitched for raising foreign direct investment ceiling in the insurance sector to 49 percent to help insurers raise capital necessary to fuel business growth. New Delhi: A group of multinational insurers today pitched for raising foreign direct investment ceiling in the insurance sector to 49 percent to help insurers raise capital necessary to fuel …

LIC allowed to pick up to 30 per cent in listed firms
12 years, 4 months ago

LIC allowed to pick up to 30 per cent in listed firms

India TV News  

New Delhi, Nov 21: Hard pressed to meet the Rs30,000 crore disinvestment target, the finance ministry on Wednesday permitted the state-owned Life Insurance Corporation to invest up to 30 per cent in a company as against the earlier ceiling of 10 per cent. Earlier it could invest up to 10 per cent," Financial Services Secretary D K Mittal told reporters …

FDI flag, tool to anaesthetise huge corruption: Jayalalithaa
12 years, 5 months ago

FDI flag, tool to anaesthetise huge corruption: Jayalalithaa

The Hindu  

Tamil Nadu Chief Minister Jayalalithaa on Saturday strongly opposed the Centre’s decision to increase Foreign Direct Investment in the insurance sector and open up the pension sector for FDI up to 26 per cent, contending that the moves were detrimental to the future of the common man. “The Cabinet’s approval on these issues, touting these as big ticket reforms which …

Govt to bring bill to raise FDI in insurance to 49%
18 years, 2 months ago

Govt to bring bill to raise FDI in insurance to 49%

Hindustan Times  

The government will bring legislation in Parliament's budget session to increase the maximum permissible Foreign Direct Investment in insurance from the present 26 per cent to 49 per cent. Gordon Brown, UK Chancellor of the Exchequer currently in Delhi, said on Thursday that Finance Minister P Chidambaram had given him this assurance. " indicated that a bill will be introduced …

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