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Life Insurance Corporation of India (LIC) is an Indian multinational public sector life insurance company headquartered in Mumbai. It is India's largest insurance company as well as the largest institutional investor with total assets under management worth ₹ 52.52 trillion (US$630 billion) as of March 2024. [ 4 ]
Life Insurance in India was nationalised by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were taken over by LIC. In 1993, the Government of India appointed RN Malhotra Committee to lay down a road map for privatisation of the life insurance sector.
In February 2014, Canara HSBC Life Insurance [7] introduced the concept of online revival of the policy, enabling customers to reinstate a lapsed policy and allows to pay their premium online. [ 10 ] It has also partnered with 3 rural regional banks, Pragathi Gramin Bank in Karnataka and Shreyas Gramin Bank in Uttar Pradesh in 2009 and South ...
The company's AUM crossed the milestone of Rs 50000 crore and the total number of branches in the country crossed 750 during the financial year 2012-13.The company's GWP crossed the milestone of Rs 15000 crores during the financial year 2015-16 and in the subsequent financial year in 2016-17 SBI Life's renewal premium collection crossed the ...
OICL made a modest beginning with a first-year premium of ₹ 99,946 (US$1,200) in 1950. The company's goal was “service to clients”, and achievement was helped by the strong traditions built up over time. [6] From less than a lakh at its inception, the gross premium figure stood at ₹ 15,993 crore (US$1.9 billion) in FY 2022–23. [4]
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Info Edge, which runs the online job portal Naukri.com, invested ₹ 30 crore (US$6.9 million) as the seed fund in Policybazaar in mid 2008. [11] Intel Capital and Info Edge invested ₹ 60 crore (US$12.86 million) into Policybazaar in May 2011 as part of the venture round. [20]
Single premium contracts and those running for a short term are subject to income tax depending upon the marginal rate in the year a gain is made. All UK insurers pay a special rate of corporation tax on the profits from their life book; this is deemed as meeting the lower rate (20% in 2005-06) of liability for policyholders.