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<ul><li>LIC has carried out advertisements in newspapers asking policyholders to keep their PAN and demat account updated and ready before the IPO.</li><li>The government has been making constant efforts to launch the <keyword id="7922409" type="General" weightage="20" keywordseo="lic-ipo" source="Orion">LIC IPO</keyword>.</li><li>The IPO reportedly could garner between ₹40,000 crore to ₹1 lakh crore from the IPO, which may help in reducing the gap between government’s income and expenditure.</li></ul>India’s largest insurance company Life Insurance Corporation (LIC), on Wednesday, released advertisements in newspapers asking insurance policyholders to keep their PAN and demat account updated and ready before the initial public offering (IPO). According to several reports, the IPO is expected to launch between January to March 2022 and raise up to ₹1 lakh crore. A<a href="https://www.bloombergquint.com/business/banks-to-reach-anchor-investors-for-lic-ipo-after-paytm-delay"> Bloomberg </a>report said that the government could raise between ₹40,000 crore to ₹1 lakh crore that will help plug a widening budget gap. The government may sell 5%-10% stake in the company as part of divestment plans and even allow foreign direct investment to ensure diversified and strong demand. There is speculation that LIC might reserve 10% of the issue size for its policyholders, which means policyholders might have an edge in the IPO allotment. <a href="https://www.businesstoday.in/markets/ipo-corner/story/lic-hand-holds-its-25-cr-policyholders-in-opening-demat-accounts-ahead-of-ipo-314029-2021-12-01">Reportedly</a>, there are about 6 crore demat accounts in the country and 25 crore customers of LIC, which is why LIC is asking its customers a.k.a policyholders to open a demat account. Note that people who do not own a LIC policy can also apply for the IPO. Here are the steps to complete, if you have an LIC policy and willing to apply to the LIC IPO: Process to link your PAN details with the LIC: <ul><li>Visit LIC website <a href="http://www.licindia.in/">www.licindia.in</a> OR <a href="https://licindia.in/Home/Online-PAN-Registration">https://licindia.in/Home/Online-PAN-Registration</a></li><li>Keep your policy number ready, PAN, date of birth and e-mail ID, which needs to be filled in while updating your PAN.</li><li>You may update the records for all of your LIC policies using the above link.</li><li>You can also check whether your PAN Is registered in your policy or not by visiting the Corporation's website <a href="http://www.licindia.in/">www.licindia.in</a> OR <a href="https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus">https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus</a>?</li><li>Alternatively, you may also contact your LIC Agent for assistance. </li></ul>SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/international-flights-from-india-will-not-be-resuming-on-december-15-due-on-concerns-of-new-covid-19-variant/articleshow/88029203.cms">International flights from India will not be resuming on December 15 due on concerns of new COVID-19 variant</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/investment-platform-upstox-comes-up-with-quick-ipo-application-process-through-whatsapp/articleshow/88025420.cms">Investment platform Upstox comes up with quick IPO application process through Whatsapp</a>

Do you own an LIC policy? Here is how you can link your PAN before applying for the LIC IPO

The proposed amendment to the definition of health insurance business is not exhaustive and may lead to disputes at the time of claims, said four <keyword id="57570" type="General" weightage="20" keywordseo="Unions" source="Orion">unions</keyword> in the Life Insurance Corporation of India (<keyword id="6367143" type="General" weightage="20" keywordseo="LIC" source="Orion">LIC</keyword>). The Unions also said the proposed amendments does not define the term liability which may lead to misappropriation by the insurers. The four unions are: Federation of LIC of India Class I Officers' Association, National Federation of Insurance Field Workers of India, All India Insurance Employees Association and All India LIC Employees Federation. The Indian government has proposed drastic changes to the two insurance laws - Insurance Act 1938 and the Insurance Regulatory and Development Authority Act 1999- and has called for stakeholders views the planned changes. Scrapping of the statutory Rs 100 crore startup capital for life and general insurance business and Rs 200 crore for reinsurance business, allowing different kinds of insurers including captives, changing the investment provisions are some of the major amendments proposed by the Indian government to the insurance laws. The government also proposes to allow an insurer to distribute other financial products as specified by and subject to regulations and to services related or incidental to insurance business. As per the proposed amendment to Section 2(6C) of the Insurance Act 1938 "health insurance business" means effecting contracts of insurance that provide sickness benefits or pay for medical and health expenses. Quoting the existing definition in the Act, the four unions said the existing definition of health insurance business is explicit to include sickness, medical, surgical or hospital expense benefits. However, the proposed amendment is not elaborative which may lead to dispute during a claim and the insurers may find scope to harass the customer. Therefore, the existing definition should not be replaced, the four unions said. The employee unions are also opposed to the idea of insurers distributing insurers to distribute other financial products as it may distract the companies from their insurance products, distribution and proper attention on serving the policyholders. Industry experts also told IANS that the policyholders funds should be ring fenced so that it is not touched by the players in the case of any liability that may arise due to selling other financial products. The amendments to the laws are proposed in order to increase the penetration of insurance in the country, which continues to be low even after over two decades after opening up the sector. The employee unions are also against the government's plan to bring down the net owned funds to Rs.500 crore from the existing Rs 5,000 crore for a reinsurer. Moreover, the minimum requirement of Rs 5,000 crore was enacted years back. Since then, huge inflation has taken place. "Reduction in requirement by one tenth may result in insolvency which will put the customers in great sufferings. Therefore, we are of the opinion not to reduce the amount of net owned funds for new registration," the unions said. Referring to the proposed amendments to Section 27 of the Insurance Act, the unions said the proposed change does not define the liability, which may lead to misappropriation by the insurers. Therefore, the liability must be defined in explicit terms. On the proposed deletion of Section 27A of the Insurance Act the unions said: "This section deals with the provision of investments with a conservative view to safeguard the interests of the policy holders. Omission of this section may allow for irresponsible investments by the insurers causing huge harm to the customers." The unions are also against allowing multilevel marketing in the insurance sector. Appointment of principal agent, chief agent and special agent to transact any insurance business will bring complexity in the system and will increase the probability of mis-selling as well as fraudulent acts, they said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tata-motors-subsidiary-to-operate-921-electric-buses-in-bluru/articleshow/96294242.cms">Tata Motors subsidiary to operate 921 electric buses in B'luru</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/upcoming-electric-scooters-in-india-in-2023/articleshow/96278794.cms">From Suzuki and TVS to Hero Electric: Here are some of the top electric scooters expected to launch in 2023</a>

Proposed amendments to insurance laws may lead to disputes in health claims, misappropriation: Unions

<ul><li><keyword id="7922409" type="General" weightage="20" keywordseo="lic-ipo" source="Orion">LIC IPO</keyword> is selling about 31.6 crore shares or 5% of the government's stake till the end of March.</li><li>To boost investment from its army of policyholders, LIC has reserved 10% shares from the total issue size for such investors.</li><li>LIC has a market share of 74.6% in terms of a number of individual policies issued in FY21.</li></ul>The government is all set to sell a small chunk of its shareholding to list the largest life insurer, Life Insurance Corporation of India (LIC). The initial public offering (IPO) comes with a number of perks for people who own insurance policies of LIC. LIC has about 29 crore policyholders and dominates a market share of 74.6% in terms of a number of individual policies issued in FY21. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LIC IPO </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shares for offer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">31.6 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Embedded value </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5.4 lakh crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Listing at </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BSE, NSE </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Government pre holding in LIC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">100% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>LIC has created a reservation quote for policyholders and employees wherein such investors will get a discount on the issue price. 10% reservation for policyholders along with some discount LIC has reserved 10% of the issue size for its army of policyholders and also plans to give some discount to such investors in the IPO. Not only policyholders, employees of the insurance company also have a quote for themselves with 5% of issue size reservation. “Policyholders may get a 10% discount on issue price,” Anshuman Khanna, Director at Value Prolific Consulting Services (ValPro) told Business Insider. Suppose the issue price of LIC IPO is ₹1,500 then the policyholder may get at ₹1,350 per share, which will give them an additional upside, said Khanna. Cap on investment Investors holding LIC policy cannot exceed their investment more than ₹2 lakh as most of such investors also come under the retail category. Such investors can bid under the ‘Policyholder Reservation Portion’ through the applications supported by blocked amount (ASBA) and the UPI mechanism. Mandatory to link PAN and have a demat account Only policyholders who have updated their PAN by February 28, 2022 can apply under policyholder's quota. Process to link your PAN details with the LIC: <ul><li>Visit LIC website <a href="http://www.licindia.in/">www.licindia.in</a> OR <a href="https://licindia.in/Home/Online-PAN-Registration">https://licindia.in/Home/Online-PAN-Registration</a></li><li>Keep your policy number ready, PAN, date of birth and e-mail ID, which needs to be filled in while updating your PAN.</li><li>You may update the records for all of your LIC policies using the above link.</li><li>You can also check whether your PAN Is registered in your policy or not by visiting the Corporation's website <a href="http://www.licindia.in/">www.licindia.in</a> OR <a href="https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus">https://linkpan.licindia.in/UIDSeedingWebApp/getPolicyPANStatus</a>?</li><li>Alternatively, you may also contact your LIC Agent for assistance.</li></ul>Joint life policy holders 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. Also, the policy member applying for the IPO has to have a demat account in his/ her name and in case the demat account is joint, the applicant needs to be the first /primary holder of the demat account. Eligible policies 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. Applied for LIC policy recently but did not receive policy document If you have applied for a LIC policy but are yet to receive the policy document, in that case, the draft red herring prospectus (DRHP) states that the policy should have been issued on or before the date when the DRHP was filed on February 13. No lock-in period Policyholders who were allotted equity shares under the reservation category can sell the shares anytime as per their choice. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/reliance-industries-adani-enterprises-future-retail-vedanta-and-other-hot-stocks-on-february-15/slidelist/89580792.cms">Reliance Industries, Adani Enterprises, Future Retail, Vedanta and other hot stocks on February 15</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/russias-new-crypto-law-is-less-than-a-week-away-heres-what-we-know-so-far/articleshow/89582403.cms">Russia's new crypto law is less than a week away — Here’s what we know so far</a>

These are the discounts and perks LIC policyholders will get while applying for the IPO

<ul><li><keyword id="7836802" type="UNKNOWN" weightage="20" keywordseo="Budget-2020">Budget 2020</keyword> changed the income tax slabs and moved the tax burden on dividend to the recipients.</li><li>Dividend will be taxed in the hands of the holder, thus life insurers will have to pay tax of about 14.5% on dividends.</li><li>Budget proposals may deter people from buying insurance because they can avail lower tax rates without making significant investments in insurance.</li></ul>Budget 2020 changed the income tax slabs and moved the tax burden on dividend to the recipients. As dividend will be taxed in the hands of the holder, from the next financial year, people with life insurance policies will have to pay tax of about 14.5% on dividends, according to HDFC Securities. In the existing regime, dividend distribution tax was imposed on companies, which also meant that the investor or policy holder received lesser dividend. Indian companies, until financial year ending March 2019, have to pay dividend distribution tax at 15% of the aggregate dividend declared, distributed, or paid. An additional 12% surcharge and a 3% education cess take the effective rate to 20.35%. However, now this tax will be paid by the recipient of the dividend, based on their income levels. Tax on total income of an individual will be payable at these new rates, provided the taxpayer does not avail any exemptions that are available now. 
	<div type="image" title="new income tax slabs" msid="73888227" hostid="261" caption="&amp;lt;p&amp;gt;Taxpayers will have to forego exemptions like house rent allowance, reduction in taxable income for investments in tax-saving mutual funds and insurance, home loan principal payments etc. to avail the new tax rates. It doesn&amp;#39;t benefit everyone.&amp;lt;/p&amp;gt;"></div>

Image Source: UTI MF Budget proposals may deter people from buying insurance because they can avail lower tax rates without making significant investments in insurance. However, since most people buy insurance as a tax saving mechanism, it may also deter them from moving into the new tax slabs proposed by Finance Minister Nirmala Sitharaman. SEE ALSO: <a href="https://www.businessinsider.in/business/news/budget-2020-list-of-items-getting-expensive/articleshow/73865375.cms" data-type="tilCustomLink" target="_blank">Entire list of imported products that will be more expensive after budget 2020</a>

You will now have to pay 14.5% tax on dividend received on LIC policy

The much-anticipated IPO of public sector insurer Life Insurance Corp of India (LIC) may well lend more sparkle to the Indian stock markets this Diwali. Speaking to IANS, <keyword id="44532" type="COMPANY" weightage="20" keywordseo="Disinvestment">Disinvestment</keyword> Secretary Tuhin Kanta Pandey noted the fact that LIC is a complex undertaking but the government is up to the challenge and will complete the market offering post October. "It may happen after October... around Diwali," Pandey said in the interview. He added that the government has already initiated its plan to clear all incumbrances on way of LIC IPO. In this regard, he said that the amendment required for the IPO has already been included as part of the Finance Bill, 2021 and will become effective once <keyword id="6354721" type="COMPANY" weightage="20" keywordseo="parliament">Parliament</keyword> gives its nod to the <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="union-budget">Union Budget</keyword>. Presenting the Union Budget on Monday, Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> said that all the announced disinvestment proposals including the LIC IPO would be completed this fiscal. She had first made the mega announcement of the IPO in the last year's budget. On the size of the <keyword id="8843196" type="UNKNOWN" weightage="20" keywordseo="LIC-Offer">LIC offer</keyword>, Pandey said that the amount of shares to be offered in the initial public offering (IPO) would depend on the embedded value and the size. The valuation process is underway for the insurance giant. "This is an institution in which people have trusted and we don't want to break their trust. We have even asked them to be the owners (shareholders)." Pandey said that Amendment Act reserves 10 per cent of the total shares on the block for policy-holders. Regarding the requirement of listed public sector companies to achieve minimum public shareholding of 25 per cent, he said that a new rule is in the making for large PSUs having high valuations. A rule notified in 2018 had mandated every listed PSU, which has public shareholding below 25 per cent, to increase its public shareholding to at least 25 per cent, within a period of two years from the date of that notification -- August 3, 2018. The government has however extended the time period for compliance to the norm till August 2021. Currently, the government totally owns LIC and its valuation is expected to be in the range of Rs 8-10 lakh crore. Once LIC enters the stock market, it may be the largest IPO in Indian history, even if just 5 per cent of its paid-up equity capital is offered to the public. The top five IPOs in India so far are Coal India, Reliance Power, General Insurance Corporation of India (GIC Re), ONGC and SBI Cards and Payment Services. Each of these have been in the vicinity of Rs 10,000 crore. The Secretary for the Department of Investment and Public Asset Management (DIPAM) also said that the government's core focus in terms of disinvestment will be strategic sale and the major chunk of revenue from offer of shares on the stock markets, be it an IPO or offer for sale (OFS) would come from the LIC IPO. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-subsidiary-to-sell-all-of-its-upstream-assets-in-marcellus-shale-play-for-250-million/articleshow/80682497.cms" data-type="tilCustomLink">Reliance subsidiary to sell all of its upstream assets in Marcellus shale play for $250 million</a> <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-says-sebi-ban-wont-stop-future-group-deal-with-reliance/articleshow/80680781.cms" data-type="tilCustomLink">Kishore Biyani says SEBI ban won't stop Future Group's deal with Reliance</a>

LIC IPO to launch in October — Government may reserve 10% portion for policyholders

<keyword id="8144144" type="UNKNOWN" weightage="20" keywordseo="PPF-and-Life-Insurance">PPF and Life Insurance</keyword> are completely dissimilar products. Since <keyword id="6406875" type="UNKNOWN" weightage="20" keywordseo="life-insurance">Life insurance</keyword> protects your family in the unfortunate event of your death, it must always be given the first priority. Once protection is assured, then you can start focusing on other goals of your life including the education and marriage of your children and your retirement. However, if you want to compare between the two as investment options, here are the facts to consider. <keyword id="76579" type="CITY" weightage="20" keywordseo="PPF">PPF</keyword> overview PPF expanded as Public Provident Fund is an investment scheme backed by the government. In a PPF account, an investor can deposit a minimum of Rs 500 and a maximum of Rs 1.5 lakhs per financial year. If this criteria is met, Section 80 C assures tax exemption for the principal, returns and the maturity amount. Life insurance overview Life insurance schemes require that you pay the premium at regular intervals in order to be eligible for the protection. How much risk cover the given policy provides depends on the sum assured by the policy. Depending on the type of life insurance purchased, the assured sum is paid out in the event of the death of the policy holder or upon the maturity of the plan. Comparing between PPF and Life Insurance plans Your investments in both PPF and life insurance are safe and legal. While PPF is a central government backed scheme, life insurance products are offered wither by the government-owned Life Insurance Corporation (LIC) or by some private insurance companies that are regulated by the government body IRDAI. Returns PPF investments assure 8.7 % yield as per the present interest rates. The returns are compounded yearly. The returns in a Life Insurance plan differs between policies and between the provider companies. The death benefit of a life insurance plan is several times the invested amount depending on the time of death of the policy-holder. The yield on the maturity benefits can be between 4% and 6%. Flexibility The investor can choose to invest anywhere between Rs 500 and Rs 1.5 lakhs per year in a PPF scheme and hence the amount that can be invested in flexible. In case of Life insurance plan, the premium payable is fixed and is never flexible. The premium payable varies between different life insurance plans depending on the sum assured in the event of death of the policy-holder. In general terms, the minimum lock-in period after which you can encash or surrender the life insurance policy is 3 years. After this lock in period, you can take a loan on the policy. In case of PPF, you can withdraw from every 7th financial year from the date of opening the account. There are restrictions on how much you can withdraw and the plan cannot be closed until the 15th year. Status as a financial instrument A life insurance policy is a kind of property carrying a legal status. You can mortgage, transfer, gift, sell, or hypothecate it provided you meet the applicable laws. You can also take a loan on the policy from the insuring company. Whereas, a PPF cannot be hypothecated or used for collateral purposes. Final word Since the best stand regarding investments is protection first and savings next. In this way, only when you have protected your family with the right kind of Life Insurance plan, you can think of saving in a PPF scheme.

comparison between PPF vs LIC which is better

In a big push to digital payment drive, <a href="http://www.businessinsider.in/searchresult.cms?query=LIC+&amp;sortorder=effectivedate">LIC</a> (<keyword id="6406875" type="COMPANY" weightage="100" keywordseo="life-insurance">Life Insurance</keyword> Corporation of India) is planning to provide <a href="http://www.businessinsider.in/searchresult.cms?query=Point+of+Sale+&amp;sortorder=effectivedate">Point of Sale</a> (PoS) machines to its lakhs of agents who collect around Rs 1.5 lakh crore premium annually. 
 "As part of the strategy for the less cash economy, <keyword id="6367143" type="ORGANIZATION" weightage="100" keywordseo="LIC">LIC</keyword> is also gearing up for providing <keyword id="2520723" type="UNKNOWN" weightage="100" keywordseo="POS-machines">PoS machines</keyword> to its few lakhs active agents initially so that premium collection can be done in digitally," a senior official told ET. 
 The state-owned <keyword id="35450" type="COMPANY" weightage="100" keywordseo="insurance">insurance</keyword> behemoth is also looking at initiating <a href="http://www.businessinsider.in/searchresult.cms?query=Aadhaar&amp;sortorder=effectivedate">Aadhaar</a>-linked digital transactions, the official said, adding that this will help policy holders in the rural areas to avoid payment of premium in cash and cash handling burden of agents would come down significantly. 
 
To begin with, LIC plans to provide PoS machines to about 1.5 lakh agents that would be ramped up in the future, the official added. 
 
At the end of March 2016, there were 20.16 lakh agents of Life Insurance Corporation of India. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=finance+ministry&amp;sortorder=effectivedate">Finance Ministry</a> has also asked LIC to set up a robust cyber security cell so that there cannot be any cyber fraud. 
 <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">Finance</keyword> Minister <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> had announced a raft of measures including discounts on online payments for insurance policies, rail tickets and highway toll charges as the government looked to promote digital cash post demonetisation. 
 
As much as 10 per cent and 8 per cent discount has been offered in case of general and life insurance for buying new policy or paying premium online via PSUs websites. 
 
LIC posted a 12.81 per cent growth in total assets to Rs 24.42 lakh crore during 9 months ended on December 31, 2016, compared to Rs 21.64 lakh crore in the same period previous year. 
 
It also posted a growth of 12.43 per cent in total premium income at Rs 1,45,031 crore during the nine months to December 2016 as against Rs 1,29,001 crore for the corresponding period a year earlier. 
 
With respect of new business premiums, LIC saw a 40.1 per cent growth for the 9-month period of the current fiscal, over the year-ago period. The insurer hopes to touch Rs 35,000 crore of new premiums by the end of March 2017. 
 
(Image Credits: Indiatimes)

Forget cash/cheques! LIC agents to get PoS machines for premium collection

Giving its users a convenience and a cut throat competition to the rivals, the <a href="http://www.businessinsider.in/searchresult.cms?query=LIC">Life Insurance Corporation (LIC)</a> will be launching <a href="http://www.businessinsider.in/searchresult.cms?query=ULIP">Unit Linked Insurance Plan (ULIP) </a>tomorrow. 
 
The policy holders will have options to choose from any of the four funds -- bond fund, secured fund, balance fund and growth fund -- and also with added conveniences of switching between these funds. Within a given policy year, four switches will be allowed free of charge. 
 <keyword id="6367143" type="ORGANIZATION" weightage="20" keywordseo="LIC">LIC</keyword> Senior Divisional Manager, Nagpur, R Chander said that Endowment Plus, a unit linked <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> plan will offer investment cum insurance during the term policy and provide due benefit of risk cover and benefits of investment markets. 
 
The NAV (net asset value) of all the segregated funds will be computed on daily basis and will be based on investment performance and fund management change of each fund type. On the launch, tomorrow, the NAV under all funds will be Rs 10. 
 
The product will also offer double death benefit. On death before the commencement of risk, an amount equal to the policy holder's fund value will be payable, while on death after date of commencement of risk, an amount equal to the higher of basis sum assured or policy holder's fund value will be payable. 
 
Further, it comes with an accident death benefit rider which provides for an additional amount equal to accident death benefit sum assured on death due to accident. 
 
Option for partial withdrawal will also be available under the plan, Chander added.

You Searched For "lic policy holder" and got 9 results

Do you own an LIC policy? Here is how you can link your PAN before applying for the LIC IPO

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Proposed amendments to insurance laws may lead to disputes in health claims, misappropriation: Unions

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These are the discounts and perks LIC policyholders will get while applying for the IPO

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You will now have to pay 14.5% tax on dividend received on LIC policy

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LIC IPO to launch in October — Government may reserve 10% portion for policyholders

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comparison between PPF vs LIC which is better

BI India Bureau

Forget cash/cheques! LIC agents to get PoS machines for premium collection

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