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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.

LIC’s maiden product ULIP to be launched tomorrow

Thomson ReutersUS Defense Secretary James Mattis, left, and Joint Chiefs Chairman Marine Gen. Joseph Dunford at the Pentagon, May 19, 2017.A US Navy SEAL was killed and two other special-operations troops were wounded <a href="http://www.businessinsider.com/us-service-member-killed-in-somalia-fighting-al-shabaab-militants-2017-5" target="_blank" rel="noopener noreferrer">while advising and assisting</a> a Somali-led mission about 40 miles west of the country's capital earlier this month.The SEAL, 38-year-old Senior Chief Special Warfare Operator Kyle Milliken, was the first American to die in combat in Somalia since 1993.The mission he was attached to came under fire during a mission against extremist group al-Shabab.Milliken's death came just a few weeks after <a href="http://www.businessinsider.com/ap-pentagon-says-navy-seal-was-killed-in-somalia-operation-2017-5" target="_blank" rel="noopener noreferrer">dozens of regular US troops</a> were deployed to the country, and his presence in the country was part of a special-operations and counterterrorism deployment the US has dispatched to Somalia in recent years.Milliken's death comes after several others that took place during counterterrorism operations, including the <a href="http://www.nbcnews.com/storyline/isis-terror/u-s-service-member-killed-mosul-iraq-pentagon-n752966" target="_blank" rel="noopener noreferrer">April 29 death</a> of a US Army platoon leader in Mosul, the <a href="https://www.washingtonpost.com/news/checkpoint/wp/2017/04/08/u-s-soldier-killed-fighting-the-islamic-state-in-afghanistan/?utm_term=.6d8d19ab4066" target="_blank" rel="noopener noreferrer">April 8 death</a> of a US Army Green Beret in Nangarhar, Afghanistan, and the <a href="http://www.centcom.mil/MEDIA/PRESS-RELEASES/Press-Release-View/Article/1065046/department-of-defense-identifies-navy-casualty/" target="_blank" rel="noopener noreferrer">January 28 death</a> of a Navy SEAL during an operation in Yemen.Asked about such counterterrorism operations during a Friday briefing at the Pentagon, Chairman of the Joint Chiefs of Staff and Marine Gen. Joseph Dunford said the "broad guidance" given to US forces working with partners on the ground in Somalia and elsewhere - "that they stay at the last cover and conceal position short of the objective, in that they don't actually close with the enemy" - hadn't changed.US Air Force photo/Senior Airman John LinzmeierAirmen from the 320th Special Tactics Squadron gather around their team lead outside a shoot house as he discusses details of an upcoming mission November 19, 2015, at Camp Hansen, Japan.When pressed by CNN's Barbara Starr about Milliken's position with partner forces at the time of his death, Defense Secretary James Mattis said that despite the guidance given to and precautions taken by US forces, risks in such operations could not always be negated."When you're on patrol, you can't always be in a safe position," Mattis said."The lads know they're not part of a life-insurance corporation. They're trained for this, and they go out and they do their job the best they can," he added. "I'm confident that our military forces are carrying out the intent, which is they do not put themselves forward to do the job that partnered forces actually want to do but they need our support in doing."<a href="https://www.flickr.com/photos/marine_corps/8601182782/in/photolist-e74iYS-zwRW91-FqRyH1-mogZmp-ani9z1-pho5FP-d5NajQ-fyq4j3-i5APnc-i7Uu6h-qMMj5r-cDZLJq-8ExJiW-7SX1XE-cbHGsb-eUgfXB-gjqMEz-ee47v4-d5LSKu-nKTmEj-bn3BfV-qTvddB-mJ1vSN-8akPRC-noixkQ-cs3ZBy-inDuT9-p1Jcfo-ps7VoB-dPjACA-dbTRJH-cv8bB9-GRQnsp-hGMoRD-ak7Qpz-q2hpB6-gXGyPJ-pXah44-7Ro2j3-dwEqNF-dxeZXP-quX5yX-rcxyXK-pDp6ji-hQJSWc-nDxjFS-bLeHYv-qMcoVn-phYUo7-amrxV9">Sgt. Pete Thibodeau/US Marine Corps</a>A Marine Special Operations Team member fires a M240B machine gun during night-fire sustainment training in Helmand province, Afghanistan.US special operations forces have been tasked with a high operational tempo in recent years, as the war on terror and related operations, especially those against ISIS in the Middle East, have dragged on.Special operations commanders have <a href="http://www.businessinsider.com/special-operations-super-soldiers-using-performance-enhancing-drugs-2017-5" target="_blank" rel="noopener noreferrer">acknowledged the strain</a> placed on their forces by the increased operations, but they have emphasized that they are capable of meeting emerging threats around the world.Others, however, have sounded warnings about how such deployments are eroding special forces units."We've mortgaged the future in order to facilitate current operations that has impacted readiness and it's also impacted development of force for the future," Theresa Whelan, principal deputy assistant secretary of defense for special operations, <a href="http://www.businessinsider.com/special-operations-super-soldiers-using-performance-enhancing-drugs-2017-5" target="_blank" rel="noopener noreferrer">said</a> during a House Armed Services Committee session this month. "And as the threats grow, this is only going to get worse."<h3>More from Christopher Woody:</h3><ul><li><a href="http://www.businessinsider.com/james-mattis-addresses-us-military-casualties-2017-5" rel="nofollow">Mattis on recent US military deaths: 'They're not part of a life-insurance corporation'</a></li><li><a href="http://www.businessinsider.com/r-us-mattis-says-coalition-will-encircle-is-fighters-before-starting-military-campaign-2017-5" rel="nofollow">Mattis: US-led coalition will encircle ISIS fighters as part of 'annihilation campaign' before military operations</a></li><li><a href="http://www.businessinsider.com/colombia-cocaine-coca-crop-substitution-criminal-interference-2017-5" rel="nofollow">Colombia says it's convincing drug farmers to grow other crops - but drug traffickers say otherwise</a></li><li><a href="http://www.businessinsider.com/ap-coast-guard-unloads-500m-in-cocaine-from-20-seizures-2017-5" rel="nofollow">The US Coast Guard just unloaded $500 million worth in cocaine</a></li><li><a href="http://www.businessinsider.com/special-operations-super-soldiers-using-performance-enhancing-drugs-2017-5" rel="nofollow">The military's special ops may try to develop 'super soldiers' with performance-enhancing drugs</a></li></ul> <h3>NOW WATCH: <a href="http://www.businessinsider.com/navy-seals-stategy-military-leadership-check-your-ego-2017-1">Navy SEALs explain how a leader's ego can destroy a team</a></h3> Please enable Javascript to watch this video

Mattis on recent US military deaths: 'They're not part of a life-insurance corporation'

Listing of <keyword id="6365973" type="COMPANY" weightage="20" keywordseo="life-insurance-corporation">Life Insurance Corporation</keyword> (LIC) and sale of government's stake in IDBI Bank may be delayed beyond March 2021, due to depressed valuation amid COVID-19 pandemic. The government aims to garner Rs 90,000 crore from the listing of LIC and stake dilution in IDBI Bank out of total the disinvestment target of Rs 2.10 lakh crore during the current fiscal. Finance Minister Nirmala Sitharaman while presenting the Budget 2020-21 had announced stake sale in LIC through an initial public offer in the current financial year. <div type="Youtube" id="WYbWln2KsuA" title="Budget 2020: LIC to get Privatised" thumbUrl="https://i.ytimg.com/vi/WYbWln2KsuA/mqdefault.jpg"></div> Given the prevailing market situation, it seems to be difficult to do the LIC stake sale in the current fiscal as the situation is not conducive, sources said. Besides, they said, there will not be a matching appetite for the mega issue of LIC in the present market condition. Due to COVID situation, the government recently for the second time extended the deadline for bidding for privatisation of India's second-biggest oil marketing company Bharat Petroleum Corp Ltd (BPCL) by over a month to July 31. The government currently owns 100 per cent in LIC, while it holds around a 46.5 per cent stake in IDBI Bank. The sources said, the government will have to cut down its expected realisation from stake dilution of both LIC and IDBI Bank even if the market condition improves. So, selling them at low valuation would be an imprudent decision, they added. Besides valuation, the sources said, listing of LIC involves a lot of regulatory clearances and more importantly amendment to the LIC Act itself. Market participants had already termed the listing of insurance behemoth LIC as IPO of the decade akin to the Saudi Aramco listing. The 60-year-old state-owned firm, LIC is the country's largest insurer, controlling more than 70 per cent of the market share. The insurer has a market share of 76.28 per cent in number of policies and 71 per cent in first-year premiums. LIC has many subsidiaries, including IDBI Bank. Turning the corner, IDBI Bank on Saturday posted a profit of Rs 135 crore for the March quarter on account of recoveries from bad loans. The lender reported a profit after 13 straight quarters of net losses. The bank had posted a net loss of Rs 4,918 crore in the corresponding period of last year. In January 2019, LIC completed acquisition of 51 per cent controlling stake in the lender. The state-owned life insurer infused Rs 21,624 crore into the bank. The bank, which is under the Reserve Bank of India's prompt corrective action (PCA) framework, said it has achieved all PCA parameters for exit except return on asset. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/india-moves-to-unlock-value-from-insurance-behemoth-lic-whose-corpus-is-at-31-lakh-crore/articleshow/73836245.cms">The biggest IPO of the next financial year ⁠— LIC, whose corpus is at ₹31 lakh crore</a> <a href="https://www.businessinsider.in/business/news/nirmala-sitharaman-says-the-lic-ipo-will-benefit-retail-investors/articleshow/74008705.cms">Nirmala Sitharaman says the LIC IPO will benefit retail investors</a> <a href="https://www.businessinsider.in/business/news/govt-to-retain-management-control-in-lic-after-listing-sitharaman/articleshow/74459403.cms">Govt to retain management control in LIC after listing: Sitharaman</a>

India's largest-ever IPO may be shelved until next year

<ul><li>As part of the government’s <keyword id="6358021" type="ORGANIZATION" weightage="20" keywordseo="budget">Budget</keyword> for 2018-19, National Insurance Co, United India Assurance Co, and Oriental India Insurance Co will be merged and partially privatised. </li><li>The move is a part of the government’s plan to raise ₹800 billion this fiscal year by selling its holdings in public-sector enterprises. </li><li>The combined entity is expected to command nearly 35% of the non-life insurance market in India.</li></ul> In his Union Budget speech this year, finance minister Arun <keyword id="6390789" type="PERSON" weightage="20" keywordseo="jaitley">Jaitley</keyword> announced that the government was planning to raise ₹800 billion this fiscal year by selling its holdings in public-sector enterprises. A key component of that plan was the merger of the three-state owned general insurers - National Insurance Co, United India Assurance Co, and Oriental India Insurance Co - and the eventual initial public offering (IPO) of the combined entity. The idea behind the consolidation is to make all three firms stop competing with each other and achieve a certain size and scale by pooling in their collective assets. The combined entity boasts around ₹400 billion in premiums and will become the largest general insurer in India. It is expected to command nearly 35% of the non-life insurance market in India. That kind of market power is hard to contend with. This kind of size and the logistical advantages that come with it are essential, given that the combined entity will be responsible for operating a number of important government insurance schemes related to agriculture or health coverage. Result? More customers in underinsured areas will be reached. However, a lot of work needs to be done in the build-up to the merger and IPO. The government commenced preliminary talks on the process late April. It will need to appoint an external agency like a management consultancy to oversee the merger. A blueprint for the integration of all the branch, customer service, IT and HR operations of these insurers needs to be formulated. Staff in overlapping roles will have to be let go, similar products will have to be axed and branches will need to be shut. But first, an infusion It recently came to the light that it these insurers will need to improve their solvency margins, or the ability to meet their future debt obligations through a capital infusion. India’s insurance regulator, the Insurance Regulatory and Development Authority of India (IRDAI), recommends an infusion of around ₹100 billion, either by the government or through private investors. By improving the strength of the balance sheets of these companies, the IPO will become more attractive to future shareholders and fetch a better valuation. However, the government currently has its hands full with the recapitalisation of state-owned banks, so these insurers will have to raise the funds through private means. What if the investors steer clear of the offering? If there is a lack of interest in the IPO, then the government will have no choice but to take a stake in the entity through one of its companies. For example, when it partially sold off its stakes in two other insurers -- New India Assurance and <keyword id="6366282" type="DEFINITION" weightage="20" keywordseo="General-Insurance">General Insurance</keyword> Corporation of India -- last year, it made the <keyword id="6365973" type="ORGANIZATION" weightage="20" keywordseo="life-insurance-corporation">Life Insurance Corporation</keyword> (LIC) of India, a state-owned life insurer, take a sizeable stake in both to ensure the offering was fully subscribed. This defeats the purpose of privatisation in the first place. But an IPO is never a guaranteed success, so the government has to have a contingency plan in place. It will likely buy up a portion of the shares on sale through one of it’s large public-sector enterprises if investor demand for this IPO is low. As of now, the merger is expected to be completed by the end of the current fiscal year on March 31st, 2019.

The Indian government is moving ahead with a plan to create a mega-insurer with a 35% market share

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

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>

SEBI bans five entities in LIC front running case, impounds ₹2.44 crore

With a view of listing the state-run insurance major <keyword id="6368369" type="COMPANY" 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>), the government has proposed to raise the authorised capital of LIC to ₹25,000 crore. As per the amendments proposed under the Finance Bill 2021, the authorised <keyword id="445210" type="PERSON" weightage="20" keywordseo="share-capital">share capital</keyword> of LIC shall be ₹25,000 crore divided into 2,500 crore shares of ₹10 each. The share capital of the <keyword id="6356315" type="COMPANY" weightage="20" keywordseo="corporation">corporation</keyword> shall consist of equity shares and preference shares, which may be fully paid-up or partly paid-up, said the Finance Bill. "The corporation may from time to time increase its issued share capital, with the previous approval of the <keyword id="6356303" type="COMPANY" weightage="20" keywordseo="Centre">Centre</keyword>, whether by public issue or rights issue or preferential allotment or private placement or issue of bonus shares to existing members holding equity shares, or by issue of shares to employees pursuant to share based employee benefits schemes, or by issue of shares to life insurance policyholders of the Corporation, or otherwise," it said. However, the central government shall at all times, not less than 51 per cent of the issued equity share capital of the corporation and for five years after the IPO, the Centre will hold not less than seventy-five per cent. The mega IPO is likely to take place around Diwali this year. Presenting the Union Budget for FY21-22, Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> had said that all the announced disinvestment processes, including the LIC IPO will be completed in the upcoming fiscal. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/check-out-all-the-hiring-opportunities-in-2021-in-india/slidelist/81343839.cms">A whole host of jobs, from government to private to foreign companies in India, are opening up ⁠— here’s a look at some of those</a> <a href="https://www.businessinsider.in/business/startups/news/these-are-the-worlds-top-food-delivery-companies-indias-zomato-and-swiggy-have-a-long-way-to-go-as-compared-to-their-global-counterparts-like-doordash-or-meituan/slidelist/81344728.cms">These are the world’s top food delivery companies – India’s Zomato and Swiggy have a long way to go as compared to their global counterparts like DoorDash or Meituan</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-share-price-has-outperformed-its-peers-in-the-last-one-year-but-analysts-are-still-cautious-about-giving-it-a-buy-rating/articleshow/81345564.cms">Wipro's share price has outperformed its peers in the last year — but analysts are still cautious about giving it a 'buy' rating</a>

Centre proposes to raise LIC's authorised capital to ₹25,000 crore

India's top financial institution, <keyword id="6365973" type="CITY" weightage="20" keywordseo="Life-Insurance-Corporation">Life Insurance Corporation</keyword> (<keyword id="6367143" type="ORGANIZATION" weightage="100" keywordseo="LIC">LIC</keyword>), has said it won’t give green signal to the $13-billion Essar-Rosneft deal unless Essar clears all dues from its end. 
 
This deal is going to be the <a href="http://www.businessinsider.in/Indias-biggest-deal-worth-Rs-72800-crores-Essar-oil-sellsto-Russias-Rosneft/articleshow/54877758.cms">largest FDI inflow</a> in India. 
 
“The agreement of the loan that <a href="http://www.businessinsider.in/LIC-gearing-up-to-give-tough-fight-to-private-insurers-Know-how/articleshow/47628777.cms">LIC</a> had given to Essar Oil requires its consent for change of management,” an LIC spokesman told ET. "We had received proposal from group companies for flexible restructuring and it was decided before considering (the) proposal... the company has to clear all the dues (sic)," the official added. 
 The loan outstanding to Essar Oil is worth $125 million, while its exposure to <keyword id="6440383" type="COMPANY" weightage="20" keywordseo="Essar-Power">Essar Power</keyword> is around Rs 1,500 crore. 
 
Also read: <a href="http://www.businessinsider.in/Indias-Essar-deal-with-Russias-Rosneft-does-not-violate-sanctions-by-the-US/articleshow/54901296.cms">Essar deal with Russia’s Rosneft does not violate sanctions by the US</a> 
 
Now that LIC has taken a stand, it remains to be seen whether the all-cash transaction gets all the necessary approvals before the end of this fiscal. 
 Industry experts are of the view that the reason behind LIC's unusually tough attitude could be that once the deal with <keyword id="174417" type="COMPANY" weightage="100" keywordseo="Rosneft">Rosneft</keyword> goes through, it could be difficult to recover the loan amount. 
 
Also read: <a href="http://www.businessinsider.in/cheques-lic-agents-to-get-pos-machines-for-premium-collection/articleshow/57387887.cms">Forget cash/cheques! LIC agents to get PoS machines for premium collection</a> 
 
"<a href="http://www.businessinsider.in/Rosneft-carrying-out-due-diligence-in-buying-stake-says-Essar-Oil/articleshow/50928046.cms">Rosneft</a> is keen to enter India and Essar is the only available avenue. Paying off $125 million to LIC and another $44 million to some of the government-owned general <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> companies is not exactly a big deal. But LIC would be a loser if only the Essar Oil loan is paid back...the company is making money and may have a ratings upgrade once the deal closes. That would be losing a good asset," a senior banker familiar with the negotiations told ET. 
 
(Image source: PhotoBucket)

LIC wants Essar to clear all dues to give NOC to its deal with Rosneft

Asian life insurance giant, the <keyword id="6368369" type="General" weightage="50" keywordseo="life-insurance-corporation-of-india" source="Orion">Life Insurance Corporation of India</keyword> on Thursday said its Indian Embedded Value (<keyword id="3408788" type="General" weightage="80" keywordseo="iev" source="Orion">IEV</keyword>) as on March 31, 2022 was Rs 541,942 crore. The embedded value in the case of a life insurance company is the current value of the company's future profits. According to <keyword id="6367143" type="General" weightage="100" keywordseo="lic" source="Orion">LIC</keyword> officials, the IEV has been determined at Rs 541,492 crore (Rs 5,414.9 billion) as compared to Rs 95,605 crore (Rs 956 billion) as on March 31, 2021 and Rs 539,686 crore (Rs 5,397 billion) as on September 30, 2021. Officials said the volatility in the stock market has impacted the LIC's investment market value to the tune of Rs 40,000 crore which, in turn, had its impact on IEV. According to the officials, the Rs 40,000 crore reduction in the market value of its investment was in both equity and debt segments of the market. The IEV as of September 30, 2021 was significantly higher than the IEV of March 2021 due to the bifurcation of fund that was carried out by LIC pursuant to changes in the <keyword id="7922368" type="General" weightage="20" keywordseo="lic-act" source="Orion">LIC Act</keyword> during the FY 2021-22. The LIC Board on January 8, 2022 had approved bifurcation of the single fund into separate Participating and Non-Participating funds and the effect of such bifurcation has been reflected in the Financials as at March 31, 2022. The life insurer had engaged <keyword id="14454797" type="General" weightage="50" keywordseo="milliman-advisors-llp" source="Orion">Milliman Advisors LLP</keyword> for arriving at the embedded value. On Thursday the LIC's Board accepted <keyword id="1417479" type="General" weightage="50" keywordseo="milliman" source="Orion">Milliman</keyword>'s IEV report. LIC Chairman M.R. Kumar said the valuation of IEV took some time to get completed. On the LIC's decision to publish the embedded value once in six months - in March and September - Kumar said it is in line with the industry practice. Further, determining the embedded value of a life insurance company of LIC size with about 28 crore policies is a time consuming and elaborate process, officials added. The Value of New Business (VNB) for year ended March 31, 2022 has been determined to be Rs 7,619 crore (Rs 76.19 billion) as compared to Rs 4,167 crore (Rs 41.67 billion) for the year ended March 31, 2021. Also, the VNB for the six-month period ended September 30, 2021 was Rs 1,583 crore (Rs 15.83 billion). The VNB margin, for the year ended March 31, 2022 is 15.1 per cent as compared to 9.9 per cent for the year ended March 31, 2021. Officials said the VNB margin went up owing to change in business mix like the group business going up to 29 per cent from 24 per cent. The ROEV (Return on embedded value) for March 21, 2022 is 11.9 per cent as compared to 36.9 per cent for March 2021. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/iamai-dissolves-blockchain-and-crypto-assets-council-to-no-longer-represent-crypto-exchanges/articleshow/92880182.cms">IAMAI dissolves Blockchain and Crypto Assets Council, to no longer represent crypto exchanges</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/chitra-ramakrishna-arrested-by-ed-and-sent-to-a-four-day-remand/articleshow/92879523.cms">Chitra Ramakrishna arrested by ED and sent to a four-day remand</a>

LIC's embedded value is estimated at Rs 5.4 lakh crore

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

<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

<keyword id="6355199" type="General" weightage="80" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> maintained its highest ranking among Indian private sector companies in the latest Global 500 list published by Fortune for 2022. <keyword id="10926" type="General" weightage="100" keywordseo="reliance" source="Orion">Reliance</keyword> Industries improved its rank by 51 places to 104 from its previous year's rank of 155. <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> has nine companies in the Fortune's Global 500 list -- five from the public sector, and four from the private sector. Only the debutant <keyword id="6368369" type="General" weightage="50" keywordseo="life-insurance-corporation-of-india" source="Orion">Life Insurance Corporation of India</keyword> -- a public sector company, which came out with an <keyword id="6354763" type="General" weightage="50" keywordseo="ipo" source="Orion">IPO</keyword> earlier this year -- was ranked higher than Reliance at 98 among Indian corporates. It is the 19th year that <keyword id="6484187" type="General" weightage="50" keywordseo="ril" source="Orion">RIL</keyword> has been a part of the Fortune 500 list - much longer than the other private sector companies in India. The Fortune Global 500 list ranks companies by total revenues for their respective fiscal years ended on or before March 31. Reliance Industries closed FY22 with record high consolidated revenues of Rs 7.92 lakh crore, up 47 per cent, and EBITDA of Rs 1.25 lakh crore, up 28.8 per cent Y-o-Y, with each of the O2C, retail and digital services businesses posting all-time high revenues. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-expected-to-open-higher-after-a-6-session-gaining-streak/articleshow/93336524.cms">Markets expected to open higher after a 6-session gaining streak</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbi-and-us-fed-policies-are-more-similar-than-you-think/articleshow/93329850.cms">RBI and US Fed policies are more similar than you think</a>

LIC ranks ahead of Reliance in Fortune's Global 500 list

UTI Asset Management Company (AMC) has received markets regulator Sebi's go ahead to raise a little over Rs 3,000 crore through its initial public offering (IPO). The IPO of the country's largest asset management company in terms of total assets under management (AUM) comprises sale of 3,89,87,081 equity shares by existing shareholders, according to the <keyword id="9447718" type="UNKNOWN" weightage="20" keywordseo="draft-red">draft red</keyword> herring prospectus (DRHP). State Bank of India (SBI), <keyword id="6365973" type="COMPANY" weightage="20" keywordseo="life-insurance-corporation">Life Insurance Corporation</keyword> (LIC) and Bank of Baroda are offering to sell 1,04,59,949 shares each, while Punjab National Bank (PNB) and T Rowe Price International are planning to offload 38,03,617 shares each. The public offer is expected to raise a little over Rs 3,000 crore, market sources said. UTI AMC, which had filed draft papers with Sebi in December 2019, obtained its observations on June 16, latest update with the markets watchdog showed. Sebi's observations are necessary for any company to launch <keyword id="122704" type="PERSON" weightage="20" keywordseo="public-issues">public issues</keyword> including initial share-sale, follow-on public offer and rights issue. SBI, LIC, Punjab National Bank and Bank of Baroda hold 18.5 per cent stake each in UTI AMC. The US-based T Rowe Price holds 26 per cent stake in the company. <keyword id="39409" type="COMPANY" weightage="20" keywordseo="Kotak">Kotak</keyword> Mahindra Capital, Axis Capital, CitiBank, DSP Merrill Lynch, ICICI Securities, JM Financial and SBI Capital Markets are the book running lead managers to the offer. The shares of the company are proposed to be listed on BSE and NSE. As of September 30, 2019, the company had the largest share of monthly average AUM. In December 2019, Sebi had asked SBI, LIC and PNB to dilute their stakes to below 10 per cent in UTI AMC by December next year. Under Sebi's mutual fund regulations, a shareholder or a sponsor owning at least 10 per cent stake in an AMC is not allowed to have 10 per cent or more stake in another mutual fund house operating in the country. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/markets/news/hcl-tech-infoedge-biocon-and-peers-safe-stocks-for-2020/articleshow/76523192.cms" data-type="tilCustomLink"> HCL Tech, InfoEdge, Biocon and their peers may be safe stocks to hide for the rest of 2020</a> <a href="https://www.businessinsider.in/tech/news/googles-sundar-pichai-facebook-and-amazon-heres-how-american-companies-reacted-to-donald-trumps-h1-b-visa-freeze/articleshow/76522530.cms" data-type="tilCustomLink">Google’s Sundar Pichai, Facebook and Amazon — here’s how American companies reacted to Donald Trump’s H1-B visa freeze</a>

You Searched For "life insurance corporation" and got 13 results

LIC’s maiden product ULIP to be launched tomorrow

BI India Bureau

Mattis on recent US military deaths: 'They're not part of a life-insurance corporation'

Christopher Woody

India's largest-ever IPO may be shelved until next year

PTI

The Indian government is moving ahead with a plan to create a mega-insurer with a 35% market share

Dilsher Dhillon

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

IANS

SEBI bans five entities in LIC front running case, impounds ₹2.44 crore

ANI

Centre proposes to raise LIC's authorised capital to ₹25,000 crore

IANS

LIC wants Essar to clear all dues to give NOC to its deal with Rosneft

BI India Bureau

LIC's embedded value is estimated at Rs 5.4 lakh crore

IANS

LIC shares climb 3 percent after earnings announcement

PTI

LIC Merchant portal helpline number

BI India Bureau

LIC ranks ahead of Reliance in Fortune's Global 500 list

IANS

The IPO from India's largest asset management company UTI AMC is ready to hit the street

PTI

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