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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

One of Asia's life insurance giants, <keyword id="6368369" type="ORGANIZATION" weightage="20" keywordseo="life-insurance-corporation-of-india">Life Insurance Corporation of India</keyword> (<keyword id="6367143" type="COMPANY" weightage="20" keywordseo="LIC">LIC</keyword>) closed <keyword id="1553646" type="PERSON" weightage="20" keywordseo="last-fiscal">last fiscal</keyword> with a new <keyword id="1755643" type="PERSON" weightage="20" keywordseo="business-premium">business premium</keyword> or first year premium of ₹1.84 trillion, the company said. The insurer also paid ₹1.34 trillion as claims last fiscal. According to LIC, it earned a new business or first year premium of about ₹1.84 trillion last fiscal up from about ₹1.77 trillion earned the previous year. LIC said that it had earned about ₹564 billion of fresh premium or new business premium last fiscal selling about 2.10 crore policies commanding a market share of 66.18 per cent. The insurer earned about ₹1.27 trillion under pension and group insurance schemes last year. However, LIC is silent on the <keyword id="11132365" type="UNKNOWN" weightage="20" keywordseo="total-premium">total premium</keyword> earned - new business plus renewal premium- for last year. Last year LIC added 345,469 agents, taking the total to about 13.53 lakh agents. On the claims front, last year LIC paid out about ₹1.34 trillion. The company settled about 2.19 crore maturity claims, money back policy claims and annuities, amounting to about ₹1.16 trillion. LIC also settled about 9.59 lakh death claims amounting to about ₹181 billion. Annuity payments due in March 2021 have also been settled on due dates. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/for-saas-y-salaries-indian-engineers-are-skipping-the-traditional-it-services-queue/articleshow/82157280.cms">SaaS-y salaries are 30% more than traditional IT services — and they’re making it tougher for traditional IT service firms to find the right talent</a> <a href="https://www.businessinsider.in/tech/news/googles-arts-culture-experiment-uses-jellyfish-bumblebees-flying-cigarette-butts-and-more-to-teach-us-about-climate-change/articleshow/82161978.cms">Google's Arts &amp; Culture experiment uses jellyfish, bumblebees, flying cigarette butts and more to teach us about climate change</a> <a href="https://www.businessinsider.in/tech/apps/news/apex-legend-mobile-beta-launch-confirmed-in-india/articleshow/82157208.cms">India and Philippines will be the first countries to get Apex Legend Mobile beta later this month</a>

India's largest insurer LIC says it earned new business premium worth ₹1.84 trillion last year

<keyword id="6367143" type="UNKNOWN" weightage="20" keywordseo="LIC">LIC</keyword> merchants are those authorized persons who collect the premiums for <keyword id="6365973" type="ORGANIZATION" weightage="20" keywordseo="life-insurance-corporation">Life Insurance Corporation</keyword> of India. LIC Merchant Login provides the complete suite of premium collection solution for LIC Merchants in India. For logging into this site as a LIC merchant, you will need a Merchant ID and Password. What are the functions of LIC Merchant Premium Collection Portal? LIC Merchant Premium Collection Portal is the online mode of collecting the LIC policy premiums via internet. Those individuals involved in the collection of premiums on behalf of the LIC of India are called as Merchants. By logging into the LIC Merchants Portal, these members can collect the premiums and also view or update the policy details through the merchant tools made available to them on the website. How to login to the LIC Merchants portal website? Here are the simple steps to Register and then login to the LIC Merchant Portal First, visit the official website of the Life Insurance Corporation of India. Click on the link ‘Merchant Portal’ which you will find under the ‘Online Services’ menu. You will find the link ‘LIC Merchant Login’ Click on “Login” You will be promoted to input the user name and password. Once you enter these details, click on “Submit” How to Login to the LIC Merchant portal if you have forgotten the password? If you have forgotten the password, use the following steps to login to this site. Visit the official website of the Life Insurance Corporation of India. Click on the link “Merchant Portal” you will see under the menu tab “Online Services”. Click on “Login” and then click on the option “Forgot Password” Enter the User ID and Email ID and click on the option “Mail New Password” You will get the password mailed to your registered email account. Input this password and then proceed further. LIC Merchant Customer Care Helpline numbers The LIC of India has also provided helpline numbers to assist those who find any difficulties in the merchant login facility and using the merchant tools and others. Call: 022-67090501/022-67090502 Email: agent_support@licindia.com / dev_support@licindia.com How to change the password? Here are the simple steps to follow if you want to change your LIC merchant password. Visit the official website of the Life Insurance Corporation of India. Click on the link “Merchant Portal” you will see under the menu tab “Online Services”. Click on “Login” and then click on the option “Change Password” Input your user ID and the correct password. Enter the new password and then confirm password. Click on ‘Reset’. Now your password is reset to the new one you opted for. Henceforth you have to login using your new password. What are the benefits of using the LIC Merchant Portal? Here are the benefits of using the LIC Merchant Portal. Once you have signed up as a LIC merchant, you can login as a cashier. You can perform different tasks on the website as a merchant including generating invoices, querying, view the pending invoices, view the receipts, and pay the transaction fees and others.

LIC Merchant portal helpline number

<ul><li>The life insurance major, <keyword id="6367143" type="General" weightage="20" keywordseo="lic" source="Orion">LIC</keyword>, has a lot to offer to everyone, especially to its 29 crore policyholders in the IPO.</li><li><keyword id="7922409" type="General" weightage="20" keywordseo="lic-ipo" source="Orion">LIC IPO</keyword> is special to investors because it has a separate reservation quota for people holding LIC policies along with some discount on IPO floor price.</li><li>Here are answers to all your questions on how you can avail those benefits while applying for the IPO.</li></ul>Investors are eagerly waiting to get their hands on a piece of India’s largest life insurance company, which is about to launch the country's biggest initial public offering (IPO). More than that, the IPO is special for the 29 crore policyholders of the life insurer, who would be getting a preference on the shares. Here are answers to all your queries on how you can avail those benefits while applying for the IPO. <ol><li>When will the LIC IPO be launched? The IPO is expected to be completed within the end of March. </li><li>How to apply for LIC IPO? You need a demat account of your own from where you can subscribe to the LIC IPO. Click here for a step-by-step guide on how to open a demat account. </li><li>Who all are eligible to apply under the policyholder reservation quota? All policies that have not exited LIC’s records by way of maturity, surrender or by way of death of the policyholder are eligible for policyholder reservation.</li><li>What are the benefits of applying under the policyholder quota? LIC has reserved 10% of the issue size for its army of policyholders and also plans to give some discount to such investors on the issue price of the IPO.</li><li>Can senior citizens also apply for LIC IPO? Yes. Any person above 18 years of age can apply for this. The applicant should have a demat account and the PAN number should be linked with the policy. </li><li>Is there a maximum limit amount for policyholders to apply for the IPO? Investors holding LIC policy cannot exceed their investment more than ₹2 lakh as most of such investors also come under the retail category.</li><li>I hold a joint life insurance policy with my spouse, so can we both apply for policyholder reservation? No. If you own a joint policy of LIC, then only one of the policy members can apply under the ‘Policyholder Reservation Portion’ category.The PAN number of the applicant bidding in the offer (you or your spouse) needs to be updated while linking the PAN.The PAN number of the applicant bidding in the offer (you or your spouse) needs to be updated while linking the PAN.</li><li>Will there be any tax exemption if there is share allotment on investment in LIC IPO? No. Although there is a tax exemption for holding a LIC policy, there is none for investment in equities. </li><li>Will there be any lock-in period for selling the shares for policyholders ? Policyholders who were allotted equity shares under the reservation category can sell the shares anytime as per their choice.</li><li>If I bought an LIC policy last week, can I apply under the special policyholder quota? No. To apply under the special quota the policy should have been issued on or before the date when LIC’s draft red herring prospectus (DRHP) was filed, that is February 13.</li><li>Will those with the policy of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) also be eligible to invest under the policyholder reservation category? No, one cannot. </li></ol>

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

ANI

India's largest insurer LIC says it earned new business premium worth ₹1.84 trillion last year

IANS

LIC Merchant portal helpline number

BI India Bureau

LIC IPO – All your doubts cleared

Bhakti Makwana

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