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The LIC of India has been pulled up by the apex consumer commission for its failure to issue the policy to a woman in her life time despite receiving the premium from her and retaining it for nearly three years. The National Consumer Disputes Redressal Commission (NCDRC) also ordered the Life Insurance Commission of India to pay late woman’s kin a compensation of Rs one lakh. Read more
Implementation of product design guidelines poses a big challenge for life insurers, especially for a player like Life Insurance Corporation of India (LIC). The withdrawal of products that have been serving customers for more than five decades places reputation at risk, says D K Mehrotra, chairman, LIC, in an interview with Aswathy Varughese & Raj Nambisan. Edited Read more
Life Insurance Corporation of India (LIC) and Employee Provident Fund Organisation (EPFO) subscribing to Rs 7,400 crore debt issue of Air India (AI) as part of the government’s bailout plan for the state-owned airlines, the ASSOCHAM demanded a similar dispensation for the Kingfisher Airlines (KFA) as well.
ASSOCHAM Secretary General D S Rawat said the circumstances under which both Air India and Kingfisher Airlines went down under were almost similar, largely emerging from the demand slowdown, high cost of aviation turbine fuel and other rising overhead costs. Read more
The premium collections of life insurers stood almost flat with just a 2.3 cent rise in October at Rs 6,851 crore, compared to the corresponding month last year, according to data from Insurance Regulatory and Development Authority (IRDA). While the new business premiums of private life insurers were marginally down with a one per cent drop in October, compared to October 2011, Life Insurance Corporation of India (LIC) saw a four per cent rise. Read more
The country’s largest insurer Life Insurance Corporation of India (LIC) has sold over two per cent stake in Maruti Suzuki India over a period of time, thereby reducing its total holding in the carmaker to a little over 10 per cent. Read more
Life Insurance Corporation of India (LIC) and the Employee Provident Fund Organisation (EPFO) have decided to fully subscribe to the Rs.7,400 crore bond issue of Air India, thus giving a lifeline to the national carrier. An Air India spokesperson said that both LIC and EPFO have agreed to buy all the non-convertible debentures (NCDs) being sold to raise resources to repay bank loans. Read more
LIC Direct, an alternate distribution route from Life Insurance Corporation of India (LIC), is sending promotional emails with a pitch about India joining the club of developed countries in a few years. As a developed country, interest rates in India after 20 years can be 2% to 4%, it claims. The offer is to buy Jeevan Akshay VI, which has current annuity rates of 7% to 8%. If the interest rates were really going to fall to such lows, LIC should not be taking the risk of locking the customer at high annuity rates of 7% to 8%. Has Insurance Regulatory and Development Authority (IRDA) approved the LIC advertisement? Read more
Life Insurance Corporation of India (LIC) Chairman D K Mehrotra on Monday said the company would buy stakes in public sector units (PSUs) going for part-disinvestment if it found good value in doing so.
The government has planned to sell some stake in PSUs such as Hindustan Copper, Oil India, Minerals and Metals Trading Corporation, National Aluminium and NMDC, among others. Read more
To honour the best banks and financial institutions, CNBC-TV18 organised the annual IBFA Awards and an eminent jury picked out the winners from across public and private sector banks. The best insurance companies were also honoured. The award for the best public sector bank this year is shared between Bank of Baroda and Punjab National Bank. Read more
Life Insurance Corporation of India (LIC) has invested up to Rs 8,000 crore in equities in the last six months. The public sector behemoth has an investment target of Rs 2.4 lakh crore for the present year, of which 10-15 per cent will be invested in equities.
Speaking to the media on the sidelines of a Ficci seminar on capital markets, DK Mehrotra, CMD, LIC said, “Our investment target is Rs 2,40,000 crore for FY13, of which 10-15 per cent will be in the equity market. We have so far made investments of around Rs 75,000 crore, of which Rs 7,000-8,000 crore is in equities.†Read more