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What is IPO https://youtu.be/6zmNjvoQnhU
Lic policy holder policy owners
While Finance Minister Nirmala Sitharaman had proposed selling a part of its holdings in LIC by the way of an IPO in last year’s budget itself, this year, the government intends to see it through.
The government will keep up to 10 per cent of issue size in the initial public offering (IPO) of Life Insurance Corporation of India (LIC) reserved for the company's policyholders, the Rajya Sabha was informed on Tuesday.
In a written reply to a question on disinvestment of LIC, Minister of State for Finance Anurag Thakur said that the government proposes to sell a part of its holding in LIC by IPO, which will be brought out after necessary legislative changes and regulatory approvals.
With a target of raising Rs.1.75 lakh crore from asset sales to revive the Indian economy, the LIC IPO is one in the series of disinvestments planned in the near future.
About LIC India
The Life Insurance Corporation of India (LIC) was created on September 01, 1956, after the Parliament of India passed the Life Insurance Corporation Act, 1956. It was created with the sole purpose of spreading life insurance across the country and providing insurance cover to every citizen at an affordable cost.
The company offers the following life insurance plans:
1. Endowment Plans
New Endowment Plan
New Jeevan Anand
New Bima Bachat
Single Premium Endowment Plan
Jeevan Lakshya
Jeevan Labh
Aadhaar Stambh
Aadhaar Shila
2. Whole Life Plans
Jeevan Umang
3. Money Back Plans
New Money Back Plan – 20 Years
New Money Back Plan – 25 Years
Jeevan Umang
New Children’s Money Back Plan
Jeevan Tarun
Jeevan Shiromani
Bima Shree
4. Term Assurance Plans
Tech Term
Jeevan Amar
5. Riders
Linked Accidental Death Benefit Rider
Accidental Death and Disability Benefit Rider
Accidental Benefit Rider
Premium Waiver Benefit Rider
New Critical Illness Benefit Rider
New Term Assurance Rider
LIC – Business Objectives
LIC has the following business objectives:
Spreading life insurance across the country especially to the socially and economically backward classes.
Mobilize people’s savings by making insurance-linked savings attractive to them.
Deploying the funds to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return.
Conducting business by being mindful of the fact that the funds belong to the policyholders.
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