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New Delhi: Shares of <keyword id="19903587" type="General" weightage="20" keywordseo="Life-Insurance-Corporation-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Life Insurance Corporation of India" meta.hostid="261" meta.entityid="Life Insurance Corporation of India">Life Insurance Corporation of India</keyword> (<keyword id="6367143" type="General" weightage="100" keywordseo="LIC" source="Orion">LIC</keyword>) climbed 3 per cent on Friday after the company reported a 10 per cent rise in net profit to Rs 10,461 crore in the June 2024 quarter. The stock jumped 3 per cent to Rs 1,159.60 on the <keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword>. At the NSE, it climbed 3 per cent to Rs 1,160 apiece. The state-owned life insurance behemoth had a net profit of Rs 9,544 crore in the year-ago period. The total income increased to Rs 2,10,910 crore during the latest June quarter as against Rs 1,88,749 crore in the year-ago period, LIC said in a regulatory filing on Thursday. <keyword id="22725292" type="General" weightage="20" keywordseo="lic-md" source="keywords">LIC MD</keyword> and CEO Siddhartha Mohanty said the Assets Under Management (AUM) increased to Rs 53,58,781 crore as on June 30, as compared to Rs 46,11,067 crore at the end of same quarter previous year, registering an increase of 16.22 per cent. The total premium income for the quarter increased by 16 per cent to Rs 1,13,770 crore, as compared to Rs 98,363 crore in the same quarter a year ago. Asked about entry into the health insurance business, he said, LIC is exploring the option of picking up majority stakes in a standalone health insurance company.

LIC shares climb 3 percent after earnings announcement

Life Insurance Corporation of India (<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">LIC</keyword>) MD and CEO Siddhartha Mohanty has said that the corporation is looking to make fresh investments of around Rs 1.30 lakh crore in equities during the current financial year. During April-June FY25, the insurance behemoth made an investment of about Rs 38,000 crore in <keyword id="19907577" type="General" weightage="20" keywordseo="shares" source="keywords">shares</keyword> as against Rs 23,300 crore in the same period a year ago. LIC earned a profit of Rs 15,500 crore from its investments in equity markets during the first quarter. The profit from its investment was higher by 13.5 % quarter-on-quarter. "We are surely looking at the markets and price movements...we are looking to invest a good amount at least whatever we had invested in last financial year...LIC invested around Rs 1.32 lakh crore in FY'24," he said. The <keyword id="19913381" type="General" weightage="20" keywordseo="market" source="keywords">market</keyword> value of LIC's investment in stocks of various <keyword id="20027214" type="General" weightage="20" keywordseo="companies" source="keywords">companies</keyword> stood at around Rs 15 lakh crore at the end of June, he said. LIC has exposure in 282 companies through investment in their shares as of June 30, 2024. The <keyword id="20340200" type="General" weightage="20" keywordseo="assets-under-management" source="keywords">Assets Under Management</keyword> (<keyword id="20019621" type="General" weightage="20" keywordseo="AUM" source="keywords">AUM</keyword>) increased to Rs 53,58,781 crore as of June-end as compared to Rs 46,11,067 crore at the end of the same quarter the previous year, registering an increase of 16.22 %. Total investment grew by Rs 7,30,662 crore, from Rs 42,44,852 crore in March 2023 to Rs 49,75,514 crore as of March 31, 2024. The total equity investment portfolio constitutes Rs 12,39,740 crore as against Rs 8,39,662 crore in 2022-23, whereas other investments constitute Rs 37,35,774 crore as against Rs 34,05,190 crore in 2022-23. For the June quarter 2024, LIC reported a 10% increase in net profit to Rs 10,461 crore as against Rs 9,544 crore in the year-ago period. Total income increased to Rs 2,10,910 crore during the latest June quarter as against Rs 1,88,749 crore in the year-ago period. Total premium income for the quarter increased 16 % to Rs 1,13,770 crore as compared to Rs 98,363 crore in the same quarter a year ago.

LIC to invest around Rs 1.30 lakh crore in stock market in FY25

Shares of state-owned behemoth Life Insurance Corporation (<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">LIC</keyword>) have outperformed rivals like <keyword id="20079495" type="General" weightage="20" keywordseo="HDFC-Life" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Life" meta.hostid="261" meta.entityid="HDFC Life">HDFC Life</keyword> and <keyword id="21278696" type="General" weightage="20" keywordseo="ICICI-Prudential-Life" source="keywords">ICICI Prudential Life</keyword>, as it placed bets on India's growth sectors, including infrastructure, while the private sector concentrated its bets on tech, consumer and consumer-related <keyword id="19910880" type="General" weightage="20" keywordseo="BFSI" source="keywords">BFSI</keyword> companies. LIC's stock has gained nearly 79% from Rs 620 on June 18, 2023, to Rs 1,109.15 at the closing on Tuesday, according to stock exchange data. In contrast, HDFC Life gave a negative return with Tuesday's closing price of Rs 646.55 on the BSE as compared to Rs 666.55 a year back. ICICI Prudential Life Insurance Co delivered a return of 12%, considering its stock price rise from Rs 582 on June 18, 2023, to Rs 654.10 on June 16, 2024. Over the past one year, <keyword id="19898108" type="General" weightage="20" keywordseo="SBI" source="keywords">SBI</keyword> Life Insurance shares have risen from Rs 1,314 to Rs 1,621.20, delivering a return of 23%. Capital market analysts said <keyword id="19935977" type="General" weightage="20" keywordseo="insurance-companies" source="keywords">insurance companies</keyword> make money in two ways - charging premiums for policies and then investing the premiums into assets. It is the latter that generates the bigger delta in profits, thus impacting value creation and managing risks. Global majors, including Warren Buffet-owned Berkshire Hathaway, have been successful due to their ability to make superior investments. Most Indian insurance companies are yet to capitalise on the emergence of the country's <keyword id="19997284" type="General" weightage="100" keywordseo="infrastructure-sector" source="keywords">infrastructure sector</keyword>, analysts said. Indian insurance companies have concentrated investments in the BFSI, IT, and consumer sectors - all of which have been underperformers in the recent past. Only 8-10% of their investments are in the infrastructure sector. This is far less when compared to global standards. Large global insurance companies -- such as Allianz, Nippon Life Insurance, and Metlife, and other insurers like Berkshire Hathaway -- have much larger exposure ranging from 15 to 30% to the infrastructure sector, analysts noted. Over the past few years, global insurers have been increasingly considering infrastructure investments as 'core' investments as the stable and long-term cash flows of infrastructure assets naturally align with the liabilities of insurers. Additionally, infrastructure assets have defensive characteristics of high barriers to entry, strong pricing power, structural growth, and predictive cash flows, and listed infrastructure can provide investors with inflation-protected income and solid capital growth. <h2>Infra sector outperforming all</h2>For India, a strong government focus on the sector with large spending, supporting initiatives and encouraging policies, and improving governance has helped the infrastructure industry has come of age. This has helped the infra sector to outperform all other sectors, according to analysts. They said the high focus on retail loans, and the strategic reluctance to look at infrastructure for growth opportunities is proving detrimental for the shareholders of such companies. SBI, with its higher exposure to the infrastructure sector, has seen its stock gain 48% in the year (from Rs 592 to Rs 880.95 on Tuesday), while those of its private counterparts HDFC Bank, Kotak Mahindra Bank, ICICI Bank and Axis Bank have gained only in the range of (-)3%to 24%. Kotak and HDFC Banks with negligible exposure to the infrastructure sector are the worst performing, with their shares giving a negative return, stock exchange data showed. Kotak Mahindra Bank shares were at Rs 1,895 on June 18, 2023, and closed at Rs 1,805.20 on Tuesday. HDFC Bank closed at Rs 1,619.20 on BSE on Tuesday, down from Rs 1,679 a year back.

Exposure to India's infra sector helps LIC, SBI outshine peers

<ul class="summary-list"><li>After years of struggles, chip giant Intel is in the midst of mass <a target="_blank" class="" href="https://www.businessinsider.com/intel-qualcomm-takeover-bid-layoffs-foundry-spin-off-2024-9">layoffs and buyouts</a>.</li><li>Some longtime Intel employees are eligible for up to 19 months of severance.</li></ul>When searching for a wedding planner, most couples don't check for a doctorate. But the brides of greater Portland are about to have that option.Shi Choong got her Ph.D. in Analytical Chemistry in 2018, and for the last six and a half years she's worked at Intel improving processes and training for the company's Oregon fab — a factory where Intel's chips are produced. She's one of the thousands of Intel employees who recently took the voluntary severance packages the company made available ahead of a long-forecasted round of <a target="_blank" class="" href="https://www.businessinsider.com/intel-qualcomm-takeover-bid-layoffs-foundry-spin-off-2024-9">15,000 layoffs and buyouts</a>, which began this month.After years of <a target="_blank" class="" href="https://www.businessinsider.com/intel-ceo-pat-gelsinger-turnaround-plan-aws-2024-9#:~:text=Revenue%20last%20quarter%20was%20down,shares%20falling%20by%20over%2025%25.">layoffs, buyouts</a>, and even <a target="_blank" class="" href="https://www.businessinsider.com/intel-ceo-takes-pay-cut-reduce-costs-prevent-layoffs-2023-2#:~:text=Intel's%20CEO%20and%20members%20of,Intel%20said%20in%20a%20statement.">one temporary pay cut</a>, many employees have thought about what they might do after Intel. Its severance package, which reportedly offers five weeks of pay for every year of service up to 19 months total, pushed some to jump.Though plenty of Intel alums are expressing trepidation about an <a target="_blank" href="https://www.businessinsider.com/millennial-cant-find-job-tech-blames-racial-discrimination-ai-2024-9">uncertain job market</a>, some departing Intel insiders are fashioning entirely new lives for themselves — 180 degrees from corporate life.Choong has been coordinating weddings and modeling outside of her Intel work hours for the last three years. She specializes in nontraditional, heavily themed weddings. This <a target="_blank" href="https://www.businessinsider.com/furry-fandom-big-tech-software-developers-2022-3">kind of nerdery</a> often goes hand in hand with the concentrated tech talent in places like the San Francisco Bay area or Portland. She saw the buyout opportunity and the severance that came with it, as a sign to take her side hustle full-time."To me, it's Christmas come early. It's a wish come true," Choong told Business Insider.BI spoke to three former Intel employees who are using the company's hard times as an opportunity to upend their lives.<h2 id="bc1c7975-8847-4cfc-b408-e6b24752f181">Intel lifers head out on their own</h2>"I'm feeling awesome," Javier Apostol told BI from the balcony of a beachside resort in Puerto Vallarta, Mexico, two weeks after his last day as a software applications engineering manager at Intel.He joined Intel in Arizona right after finishing his undergraduate degree and stayed for nearly 29 years. Intel was the only company he ever worked for as an adult.Apostol's first job was picking fruit in the fields of Yuma County, California, alongside his parents. Eventually, his dad started doing workforce development for migrants and then tax preparation for Spanish-speaking workers and agricultural contractors.When one of his dad's clients was audited, Apostol, who had started to learn how to program computers, turned handwritten mileage records into a neat chart. The IRS agents told him it was the best they'd ever seen, and Apostol got hooked on computers.Apostol joined Intel in 1996. From inside Intel, he's seen every phase of the internet since nearly the beginning. He said a longer lens gives him perspective.<a target="_blank" class="" href="https://www.businessinsider.com/intel-struggles-qualcomm-deal-chip-industry-turmoil-2024-9">Intel's situation</a> is no great tragedy, according to Apostol."The world is just changing and that is good. Intel will ultimately find its place where it needs to be," he said. After a vacation, Apostol is sticking with semiconductors, but he and some colleagues are headed in a more entrepreneurial direction.Though Intel has struggled to maintain its once leading-edge status, Apostol said there is a <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-ai-chip-semiconductors-tsmc-intel-jobs-arizona-2024-2">window of creativity</a> in the semiconductor space that he hasn't seen in a long time as investors and consumers alike become aware of the vital role of chips in their everyday lives."<a target="_blank" class="" href="https://www.businessinsider.com/nvidia-competition-sambanova-groq-cerebras-show-faster-inference-speed-2024-9">Chip design</a> is going to explode," Apostol said. He and five colleagues who also took the buyouts want to apply their expertise in chip-making consulting for businesses and even <a target="_blank" class="" href="https://www.businessinsider.com/sovereign-clouds-explained-data-center-ai-national-security-vultr-2024-10">countries</a> looking to enter the industry.At 54 years old, and with both of his kids in college and away from home, he has the time and the energy to take the leap, he said. He hopes Intel finds its way to similar boldness again."If I worry about anything it's Intel becoming complacent and deciding to think small — to stop looking for the next great thing," Apostol said.<h2 id="22be38cf-517d-4e34-a89c-5f46756eb17e">Turning a good living into a good retirement</h2>Sumit Guha, a former transfer technology manager at Intel, is founding a new venture too, but with more altruistic aims.Over his 24 years at Intel, Guha used his spare time to develop a wealth management strategy based on the philosophies of <a target="_blank" class="" href="https://www.businessinsider.com/how-warren-buffe">Warren Buffet</a>.He's shared his strategy with friends and colleagues over the years, but it wasn't until his 86-year-old mother was sold a fraudulent insurance policy that he considered scaling his efforts up. He fought for two years to get her money back, and that wasn't the first time his parents had been the victims of dubious financial providers."My goal is to teach seniors how to detect financial fraud. I have witnessed this myself. Old people are targets," Guha said. He plans to start studying to become a Certified Financial Planner soon, with the aim of providing free tax services to older adults and eventually starting a nonprofit organization that helps them manage and grow their finances.As Guha, 60, approaches retirement age, he's become increasingly worried about the state of his peers' <a target="_blank" class="" href="https://www.businessinsider.com/gen-x-baby-boomers-savings-cant-afford-retirement-2024-4">retirement accounts</a>. AARP estimates that 20% of Americans over the age of 50 have no retirement savings at all.Intel still offers some of the benefits much of the tech world has long eschewed. For example, spreading out the timeline for paid sabbaticals has been one of the perks downgraded in the current era of cutbacks. But for Guha, some of his longevity benefits with Intel have kicked in recently, and the company accelerated stock grants set to be issued in December as a 'thank you' for enduring <a target="_blank" class="" href="https://www.businessinsider.com/intel-ceo-takes-pay-cut-reduce-costs-prevent-layoffs-2023-2#:~:text=Intel's%20CEO%20and%20members%20of,Intel%20said%20in%20a%20statement.">2023's pay cuts</a> for those who took the buyout option."It's a gift for me to pull the trigger now," Guha said. He plans to offer tax services, financial fraud awareness, and investment advice with the aim of helping Americans achieve a safe and comfortable retirement, even if they started saving late in the game.<h2 id="7bec7e59-5a0c-4aa0-bd49-7e9d5e9b7d2f">Lessons learned at Intel</h2>Though several departing Intel employees expressed some frustration with the current state of the company, they still believe it can be successful. And they're taking some of the values and skills they picked up there with them. The company always valued continuous training, said Apostol.Choong said many of the skills she learned at Intel will transfer to her new life. Engineers are organized and good at dealing with complexity — the kind that comes with a wedding that starts in formalwear and ends with the entire party wearing animal onesies, for example.Choong also learned how to speak up for herself at Intel, especially when training in the fabs. This comes in handy when dealing with sketchy wedding vendors, she said."I have grown tremendously. I used to cry in my office because someone spoke loudly at me. I'm fearless now," Choong said.Are you leaving Intel too? Or sticking around? Got a tip or an insight to share? Contact BI's senior reporter Emma Cosgrove at <a target="_blank" href="mailto:ecosgrove@businessinsider.com">ecosgrove@businessinsider.com</a> or use the secure messaging app Signal: 443-333-9088.

Life after Intel: After rounds of layoffs and buyouts, some Intel insiders are abandoning the corporate grind altogether

<ul class="summary-list"><li>Anaïs Felt took a "micro-retirement" back in March from her Silicon Valley tech job.</li><li>The time off on her extended leave healed her burnout and changed her relationship to work, she said.</li></ul>Anaïs Felt was exhausted at the start of the year.As a senior product manager at a Silicon Valley tech firm, Felt, 31, commuted an hour to and from her home in San Francisco each day. Her hours in the office on top of a two-hour commute were a stark contrast to the work-life balance she had when she worked remotely during the pandemic."I would come home and be so exhausted that I would just lay on the couch to recuperate, eat dinner, and then go to bed," she said of her routine. "I didn't have the energy to go for a run or spend time with my partner or laugh."It wasn't just the commute wearing on Felt. She told Business Insider that she was also finding work itself more stressful, which came as a surprise to her being 10 years into her career in <a target="_blank" class="" href="https://www.businessinsider.com/tiktoker-sparked-conversation-not-able-to-leave-work-early-2024-3">corporate America.</a>"I was crying a lot," she said. "I had a harder time moving through difficult situations at work."Felt decided to meet with a career coach, who quickly "diagnosed" her with <a target="_blank" class="" href="https://www.businessinsider.com/burnout-is-now-a-clinical-syndrome-2019-5">burnout</a>, a syndrome due to "chronic workplace stress."The diagnosis was a welcome confirmation since Felt recognized the symptoms after reading "Burnout: The Secret to Unlocking the Stress Cycle" by Emily and Amelia Nagoski and Mckinsey's <a target="_blank" class="" href="https://www.mckinsey.com/featured-insights/diversity-and-inclusion/women-in-the-workplace-2023">2023 Women in the Workplace</a> report. She knew experience wasn't uncommon in<a target="_blank" href="https://www.businessinsider.com/mental-health-crisis-great-resignation-tech-industry-silicon-valley-2022-4"> Silicon Valley, particularly for women.</a>Rather than trying to power through her stress or leave tech altogether, Felt decided to take what she called a micro-retirement — or extended break — to address her burnout.<h2 id="eda9f511-a527-4394-ad17-9bf9f3039ece">Taking a break</h2>Felt spent her 20s prioritizing her career, she told BI. She was the first person in her family to attend college, starting her first business when she was an undergrad at Hope College in Michigan. After she graduated from the liberal arts college, her early adult years solely revolved around her job."I was brought up in the <a target="_blank" class="" href="https://www.businessinsider.com/rise-and-fall-girl-boss-analysis-2020-7">girlboss</a> era," she said. "I worked extremely hard and was high-achieving."But a decade later as Felt came to terms with her burnout and thought about what she wanted out of the next phase of her <a target="_blank" class="" href="https://www.businessinsider.com/quit-big-tech-dream-job-pay-perks-not-worth-it-2024-5">career</a>, she decided she needed to take a break from work before moving forward."It felt like it would be good for me — but also good for my future employer — if I went into my next role feeling fully energized and feeling conviction in that next step," she said.Felt <a target="_blank" class="" href="https://www.businessinsider.com/quit-job-travel-after-stress-burnout-at-big-tech-company-2024-8">quit her job</a> in March with the intention of taking up to a year off, thinking of her break as a micro-retirement or a sabbatical. "It's intentional breaks throughout my career where I can just take time to enjoy and live life and recharge for my next role," she said of her definition of micro-retirement. "I'm gonna plan to keep doing this throughout my career every five to 10 years instead of deferring all of it to the end of my career."A September <a target="_blank" class="" href="https://www.tiktok.com/@anaisfelt/video/7419143704482499882">video</a> Felt made about her micro-retirement started a conversation on TikTok, garnering over 189,000 views and racking up more than 500 comments as of Tuesday.<h2 id="8bd54dbe-99f3-4208-b09e-d9ef2d144737">Prepping for her micro-retirement</h2>Felt said she properly planned to be able to <a target="_blank" class="" href="https://www.businessinsider.com/ex-goldman-sachs-wealth-advisor-money-advice-ultrawealthy-2024-10">afford a year off</a> before putting in her notice. She made a habit of saving as she settled into her career. The former senior product manager did not share her salary at her most recent job with BI, but <a target="_blank" class="" href="https://www.levels.fyi/t/product-manager?countryId=254&amp;country=254&amp;search=senior+product+manager">according to Levels.FYI</a>, which collects salary information for tech professionals, the median salary for a product manager was $211,000 as of October.Felt also said she did an audit of her spending before leaving her full time position. "That was really helpful because it helped me pare back in some areas where the spending was more unnecessary," she said. "It improved my relationship with money, and it's made me a bit more diligent with my finances."Felt took care of some regular medical expenses before leaving her job as well, like ordering contacts for the year and going to the dentist. Once she left her company, she joined her partner's health insurance.By March, she was ready for her micro-retirement.<h2 id="d8bbaaaf-2619-4847-a1be-eda023b4faa4">Felt needed more rest than she realized</h2>Felt told BI that she initially planned to take a big trip once she left her job. But <a target="_blank" class="" href="https://www.businessinsider.com/when-to-quit-six-figure-job-for-mental-health">burnout</a> hit her "like a brick wall" once she actually started micro-retirement."I think the first couple of weeks I actually had to accept the fact that I was burned out," she said. "I needed to just sit and relax and rest."Felt said she took it easy for a month before the "burnout cloud" started to lift."I'm so glad that I just sat down for a month because that equipped me to move into the next phase of my micro-retirement, which was doing things I loved and cared about without the excessive burnout," she said.Every day of Felt's micro-retirement looks slightly different, though she tries to stick to a schedule Monday through Friday to give herself some structure. Some days, Felt creates content on TikTok that shows peeks into her life through outfit-of-the-day videos or snippets of her home decor. On other days, she spends her time with her dog or maintains her house. Felt also spends time volunteering in her community and participating in mentorship work."I'm not getting paid for those things, but they're just really energizing because they're connected to purpose and meaning that really resonates with me and my value system," she said.Six months after she left her job, Felt said her mental health has improved, and her burnout is gone.<h2 id="00b03381-aadd-4ccc-ab9d-e412bf96c584">Micro-retirement has changed the way Felt sees her future</h2>Felt told BI that her extended break from work has given her the time and mental space to reevaluate what she wants out of her <a target="_blank" class="" href="https://www.businessinsider.com/quitting-corporate-job-content-creator-reseller-side-hustles-retire-early-2024-7">career</a>. She said "work-life balance and scheduling flexibility" will be a priority moving forward since her community has become more important, and she wants to be a mom someday."Maybe I'll work from home and continue on the corporate path, or maybe I'll start my own business," she said. "There's so much life to be lived outside of my office desk, and life really starts to get richer when it's more diversified."Felt started taking informational interviews six months into her micro-retirement. Still, she doesn't see herself seriously applying for roles until January 2025, partly because she wants to<a target="_blank" class="" href="https://www.businessinsider.com/egg-freezing-fertility-clinics-targeting-gen-z-women-high-cost-2024-6"> freeze her eggs</a> before returning to a full time position.Felt wants others female employees to know they don't have to sacrifice their personal lives for professional success."You can still be high achieving and successful as a woman and intentionally choose work-life balance," she said, "there needs to be harmony there."

After 10 years in corporate America, one woman took a 'micro-retirement.' It reversed burnout and improved her quality of life.

With heavy, torrential rains currently lashing south India, particularly Bangalore and Chennai, life in these metros has reached a complete standstill. While there is little you can do to control nature's ongoing fury, you can safeguard your precious two- and four-wheelers, which have little respite or protection from the ongoing vagaries of rains and floods. During heavy rains, the first in line of damage is your vehicle's engine, which could cost you a bomb! If the water enters the engine's cylinder, it can cause it to seize and leave it beyond repair. Another common damage your vehicles can face during such times is <keyword id="23605837" type="General" weightage="20" keywordseo="electrical-failure" source="keywords">electrical failure</keyword> since water seepage can cause shorting of the electrical components, including the battery, alternator, and wiring systems. Then there's moisture seepage, which can affect your vehicle's braking and fuel systems. <h2><keyword id="20224622" type="General" weightage="20" keywordseo="motor-insurance" source="keywords">Motor Insurance</keyword> to the Rescue</h2> While a comprehensive motor insurance policy might protect you against accidents, thefts, and other third-party liabilities, they might fall short when it comes to safeguarding your vehicles from damages caused by natural calamities like heavy rain. As such, you can opt for a few add-ons over and above your regular motor policy to ensure you don't end up spending a hefty amount from your pockets if your vehicles need repair. "In Chennai and Bangalore, the recent heavy rains have led to several challenges, causing multiple vehicles and home damage. Urban flooding is a phenomenon now being witnessed in most metropolitan cities. Cases of vehicles being swept away in floods have also been seen, leading to total loss" Vivek Chaturvedi, CMO and Head of Direct Sales, Go Digit General Insurance "While comprehensive motor insurance policies protect your vehicle against damage from natural disasters such as floods, cyclones, and heavy rains, you should consider add-on covers like engine protection, zero depreciation, <keyword id="22024865" type="General" weightage="20" keywordseo="roadside-assistance" source="keywords">roadside assistance</keyword>, return to invoice, and consumables. These options help cover the costs of repairing or replacing vehicle parts and any injuries or damage from accidents," he continues. Here's a ready reckoner of all add-ons you can consider: 1. <keyword id="23605835" type="General" weightage="20" keywordseo="engine-protection-cover" source="keywords">Engine Protection Cover</keyword>: This cover protects your wallet from costly repairs in case your vehicle's engine is severely damaged. 2. Zero Depreciation Cover/Bumper-to-Bumper Cover: While servicing your claims, insurers generally deduct depreciation or regular wear and tear on your vehicle. This add-on guarantees you a claim without any deduction for wears and tears. 3. Roadside Assistance Cover: You never know when your vehicle might be stalled. This cover offers repair at the site, towing, and alternative travel if one’s car is stuck on waterlogged roads. It can also include services like fuel delivery, battery replacement, or flat tire repair. 4. Tire Protection Cover: It offers repair or replacement of tires damaged due to cuts, bursts, or bulges during wet, hazardous conditions. Says Kalpesh Chavan, Senior Vice President &amp; Product Head of Elephant (Corporate Insurance Wing of Alliance Insurance Brokers), "EV owners should additionally also opt for battery protection cover and electric surge secure add-on. This add-on protects the electronic pieces and circuits of electric vehicles from any short circuits, electrical arcing, or leakage, especially through water entry." <h2>Don't crank up the engine. </h2>Got a vehicle that's flooded with water? Don't try to start it forcefully. If you do so, the insurance company can decline your claim for all the damage caused by attempting to start such a flooded engine. Your best bet in such cases is to wait till the water subsides and then try revving up the engine. Chavan adds that most car owners need to take into account how disaster-prone their area is and end up estimating the wrong coverage amount for their cars. Inadequate study of the terms and conditions of the policy may lead to claim rejections when most needed. But most importantly, if your vehicle's insurance is up for renewal, do not delay or procrastinate to do the same. Or else your car could become uninsured during the most critical periods. Maintaining up-to-date records and documentation is of the essence; missing documents may trigger unwarranted delays in the processing of claims.

Facing vehicle damage during heavy rains? Here's how motor insurance can come to your rescue

New Delhi: Life Insurance Corporation of India (<keyword id="19903588" type="General" weightage="100" keywordseo="LIC" source="keywords">LIC</keyword>) has increased its stake in <keyword id="19984004" type="General" weightage="20" keywordseo="Bank-of-Maharashtra" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Maharashtra" meta.hostid="83" meta.entityid="Bank of Maharashtra">Bank of Maharashtra</keyword>, the company informed the exchange in a filing. In an official statement on Saturday, LIC announced that it has raised its shareholding in the bank from 4.05 per cent to 7.10 per cent following a <keyword id="19984002" type="General" weightage="20" keywordseo="Qualified-Institutional-Placement" source="keywords">Qualified Institutional Placement</keyword> (<keyword id="19984001" type="General" weightage="20" keywordseo="QIP" source="keywords">QIP</keyword>). "..the Life Insurance Corporation of India ("the Corporation") has increased its shareholding in Bank of Maharashtra ("Company") from 4.05 per cent (pre-allotment) to 7.10 per cent (post allotment)" said LIC. The increased shareholding comes after LIC was allotted 25.96 crore equity shares as part of the QIP issued by the Bank of Maharashtra. Prior to this allotment, LIC held a 4.05 per cent stake in the bank. With the new shares, LIC now owns a 7.10 per cent stake, marking a significant rise in its ownership. The allotment was made under the guidelines of Regulation 30 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations. LIC noted that it has complied with the regulatory requirements, including the details stipulated under the SEBI circular issued in July 2023, which governs disclosure obligations for listed entities. A Qualified Institutional Placement is a way for listed companies to raise capital by issuing equity shares to institutional investors, and this transaction indicates LIC's confidence in the growth potential of Bank of Maharashtra. Bank of Maharashtra is one of the public sector banks, and this infusion of capital through QIP will help strengthen its balance sheet and support its expansion plans.

LIC increases stake in Bank of Maharashtra from 4.05 percent to 7.1 percent through QIP

<ul><li>The Indian life insurer stood fourth on the list by S&amp;P Global based on reserves.</li><li><keyword id="6367143" type="General" weightage="100" keywordseo="lic" source="Orion">LIC</keyword> has reserves of over $500 billion, as per the report.</li><li>Sector watchers say that Asia is the next major market for growth for <keyword id="6406875" type="General" weightage="60" keywordseo="life-insurance" source="Orion">life insurance</keyword> companies.</li></ul> Public sector life insurance behemoth, Life Insurance Corporation of India (LIC) is the world’s fourth largest insurer based on reserves, as per a report released by S&amp;P Global Market Intelligence. LIC follows Allianz SE, China Life Insurance and Nippon Life Insurance on the list of top largest life insurers. LIC has reserves of $500 billion while Nippon’s reading is at $536 billion. China Life Insurance has $616 billion, and Allianz SE has $750 billion in reserves. Asia accounts for 17 spots on the list of top global life insurers, making it the region with the second-highest number. Mainland China and Japan shared the top spot in Asia with five companies headquartered there. European companies from six countries dominated the list of top 50 global life insurers ranked by life and accident &amp; health reserves, taking 21 spots. Karl Hersch, Deloitte's US insurance leader, expects the life industry to experience tempered levels of growth in the US and Europe in light of macroeconomic factors while seeing more opportunities in emerging markets. "The growth I'm expecting to see is more in the emerging markets where you already have a higher underserved population and there's more opportunity," Hersch said. Rob Sims, managing director and partner with Boston Consulting Group's insurance practice, is seeing the rise of a more digitally-led experience in Asia than anywhere else in the world. <div type="image" title="Life-insurers-Map_2023-SPGlobal" msid="105758459" hostid="261" sizebytes="176172" caption="&amp;lt;p&amp;gt;Image courtesy: S&amp;amp;amp;P Global &amp;lt;/p&amp;gt;"></div> An area of concern for the life insurance industry, as pointed in the report, is the difficulty to adapt to large-scale transfer of wealth from one generation to the next. "There's not a single area in the world that isn't going to be experiencing that wealth transfer. The life insurance industry is not yet ready to address this challenge as it does not have the right products and technology," said Samantha Chow, global leader for the life, annuities and benefits sector at Capgemini. The LIC stock has been on the path of recovery having rallied 20% in the past six months. The past month has seen the stock gain as much as 16% in value. LIC Chairman <keyword id="7568398" type="General" weightage="20" keywordseo="siddhartha-mohanty" source="Orion">Siddhartha Mohanty</keyword> recently confirmed the imminent establishment of a branch in GIFT City. Currently, LIC has a presence in 14 countries and the decision to establish an office in GIFT City is expected to catalyze further growth in LIC's foreign operations, providing the insurer with an international opportunity.

With $500 billion in reserves, LIC is the world’s fourth largest insurer

Financial markets regulator <keyword id="6355630" type="General" weightage="20" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (<keyword id="35210" type="General" weightage="20" keywordseo="sebi" source="Orion">SEBI</keyword>) has banned three individuals and two entities (in total five) from securities markets in a case of front-running trades in <keyword id="17271372" type="General" weightage="20" keywordseo="life-insurance-corporation-of-india-" source="Orion">Life Insurance Corporation of India.</keyword> The practice by dealers of dealing with advance information provided by their brokers and investment analysts, before their clients have been given the information is known as front running. Of the individuals was <keyword id="6367143" type="General" weightage="20" keywordseo="lic" source="Orion">LIC</keyword>'s employee Yogesh Garg since November 08, 2011. The rest are Sarita Garg, Kamlesh Agarwal, Ved Prakash HUF, and Sarita Garg HUF. Also, SEBI impounded Rs 2.44 crore in total from their accounts. SEBI's interim order on Thursday said the entities shall cease and desist from, directly or indirectly, engaging in any fraudulent, manipulative or unfair trade practice including front running thereby committing or causing a violation of any provisions under relevant laws. "...it is prima facie concluded that Noticees 1 to 5 (five entities) were involved in a scheme to front run the trades of the Big Client and therefore they are prima facie jointly and severally liable for the proceeds generated from the front running trades," the SEBI order read. It was prima facie observed that Yogesh Garg, being a dealer in LIC, was in possession of non-public information regarding impending orders of LIC and he acted as an information carrier. SEBI concluded that these five entities had a distinct role to play in the fraudulent scheme devised for front-running the orders of LIC. The entities are now directed to provide a full inventory of all assets held in their name, whether movable or immovable or any interest or investment or charge on any of such assets, including details of all bank accounts, <keyword id="104763" type="General" weightage="20" keywordseo="demat" source="Orion">Demat</keyword> accounts and mutual fund investments, immediately but not later than 15 days. Against that backdrop, SEBI advised LIC to review its processes and take all necessary additional measures to prevent, detect, and remediate any fraudulent, manipulative or unfair trade practices by its employees in relation to its investment activities. .SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/filmfare-awards-2023-gangubai-kathiawadi-makes-a-clean-sweep/slidelist/99833037.cms">Filmfare Awards 2023: Gangubai Kathiawadi makes a clean sweep</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-stock-indices-hold-steady-as-investors-monitor-earnings-wipro-is-top-gainer/articleshow/99834835.cms">Indian stock indices hold steady as investors monitor earnings; Wipro is top gainer</a>

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LIC increases stake in Bank of Maharashtra from 4.05 percent to 7.1 percent through QIP

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