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The IPO was expected to occur in 2022, and the Government of India planned to remain the majority shareholder post-listing, with 10% of shares proposed to be allotted to existing LIC policyholders. [13] In 2021, the Indian government also proposed to enhance LIC's authorized capital to ₹250 billion (US$3.1 billion) to facilitate its public ...
In 1955, mean risk per policy of Indian and foreign life insurers amounted respectively to ₹2,950 & ₹7,859 [1] (worth ₹15 lakh & ₹41 lakh in 2017 prices). Life Insurance in India was nationalised by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that
The Insurance Repository in India is a database of insurance policies.It allows policy holders to make revisions to a policy. It launched on 16 September 2013. It is the world's first of its kind.
The total premium income was ₹ 320 billion (US$3.7 billion) of which ₹ 120 billion (US$1.4 billion) was from the new business premium while approx. ₹ 210 billion (US$2.4 billion) was of the renewal premium. [22] In 2022, ICICI Prudential Life Insurance company had crossed ₹2.5 trillion (US$30.75 billion) mark in AUM. [23]
It has Assets under management(AuM) worth ₹ 352,422 crore (US$41 billion) and a Gross Written Premium(GWP) of ₹ 67,320 crore (US$7.8 billion) as of March 2023. [2] SBI Life has an authorized capital of ₹ 20 billion (US$230 million) and a paid up capital of ₹ 10 billion (US$120 million).
If policy conditions are not met, the insurer can deny the claim. [26] [29] Policy form - The definitions, insuring agreement, exclusions, and conditions are typically combined into a single integrated document called a policy form. [25] Some insurers call it a coverage form [25] or coverage part. When multiple coverage forms are packaged into ...
On 25 July 2022, the company declared a customer bonus for the ninth time of ₹ 78 crore (equivalent to ₹ 83 crore or US$9.5 million in 2023) to its eligible policyholders for the financial year 2021-2022 by participating in their products with an increase of 28% over its bonus amount.
LIC Housing Finance Limited (LIC HFL) is the largest Housing Finance Company in India, with a registered corporate office in Mumbai. It is a deposit taking housing finance company, and it is a subsidiary of LIC , mainly providing long-term financing to people who purchase or construct residential houses or flats.