Life Insurance Corporation of India (LIC) ipo.
Hello Everyone My Name is Vivek Chaturvedi. I am writing a blog about Life Insurance Corporation of India (LIC).
Life Insurance Corporation of India (LIC):- It is an Indian statutory insurance and investment corporation. It is headquartered in the city of Mumbai, India. It is under the ownership of Government of India.
The Life insurance Corporation of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation of India.
As of 2019, Life Insurance Corporation of India had total life fund of ₹28.3 trillion. The total value of sold policies in the year 2018–19 is ₹21.4 million. Life Insurance Corporation of India settled 26 million claims in 2018–19. It has 290 million policy holders.
History
The Oriental Life Insurance Company, the first company in India offering life insurance coverage, was established in Kolkata in 1818. Its primary target market was the Europeans based in India, and it charged Indians heftier premiums. Surendranath Tagore had founded Hindustan Insurance Society, which later became Life Insurance Corporation.
Structure
The LIC's executive board consists of Chairman, currently M R Kumar, and Managing Directors, Vipin Anand, T. C. Suseel Kumar, Mukesh Kumar Gupta and Raj Kumar
The Central Office of LIC is based out of Mumbai which sits The Chairman, all four Managing Directors, and all Executive Directors (Department Heads). LIC has a total of 8 Zonal Offices namely Delhi, Chennai, Mumbai, Hyderabad, Kanpur, Kolkata, Bhopal & Patna.
Slogan
LIC's slogan योगक्षेमम् वहाम्यहम (yogakshemam vahamyaham) is in Sanskrit which loosely translates into English as "Your welfare is our responsibility". This is derived from the 22nd verse of the Bhagavad Gita's 9th chapter. The slogan can be seen in the logo, written in Devanagari script. This line means "I carry what they lack, and I preserve what they have" (refers to Krishna speaking to Arjuna), when taken in context of the entire verse.
Awards and recognitions
The Economic Times Brand Equity Survey 2012 rated LIC as the No. 6 Most Trusted Service Brand of India. From the year 2006, LIC has been continuously winning the Readers' Digest Trusted brand award.Voted India's Most Trusted brand in the BFSI category according to the Brand Trust Report for 4 continuous years – 2011–2014 according to the Brand Trust Report.
Operations
Today LIC functions with 2048 fully computerized branch offices, 8 zonal offices, around 113 divisional offices, 2,048 branches and 1408 satellite offices and the Central Office; it also has 73customer zones and 25 metro-area service hubs located in different cities and towns of India. It also has a network of 1,537,064 individual agents, 342 Corporate Agents, 109 Referral Agents, 114 Brokers and 42 Banks for soliciting life insurance business from the public.
The LIC has 22 departments each headed by an Executive Director namely Marketing, Bank assurance (B&AC), Corporate Communication, Personnel, CRM, Direct Marketing, E&OS, F&A, IT/BPR, Inspection, Investment, SBU/Estates, Investment Operations, P&GS, Actuarial, Chairman Sectt, F&A, Micro Insurance, RTI, HRD, Engineering, and Vigilance.
The LIC has 8 Zonal Offices headed by a Zonal Manager(I/C) (Executive Director Cadre) who is one of the key decision-makers of the corporation after the Board
Zone
New DelhiCentral
BhopalEast
KolkataWest
MumbaiSouth
ChennaiEast Central
PatnaNorth Central
KanpurSouth Central
Hyderabad
The LIC follows a horizontal line of command & vertical line of command, while each department is headed by an Executive Director, the Zonal offices are headed by a Zonal Manager who oversees all the departments & divisions of the Zone – making him de facto CEO of the Zone. The zonal departmental heads are Regional Managers. Divisions are headed by Sr. Divisional Manager(I/C) who oversees all the departments & branches of the division. There are 3 layers of Horizontal Management namely Senior Divisional Manager(I/C), Zonal Manager(I/C) & the Chairman/MD. There are also 3 layers of vertical management namely Managers of Divisions, Regional Managers of Zonal Office & the Executive Directors of Central office. Horizontal Management is considered key managers of the corporation.
Offices
Now LIC also has the 1899 branches of IDBI bank at its disposal thus it can carry out its insurance business through these branches of the bank.
Offices Total Number
Class-I Officers 32,433
Class-II Development Officers 24,388
Class III/IV employees 57,677
Total 1,14,498
Agency
The total number of agents on roll is 12,08,826 (of which 10,80,809 were active agents) as of March 2020 as against 11,79,229 as of March 2022.
Golden Jubilee Foundation
LIC Golden Jubilee Foundation was established in 2006 as a charity organization. This entity has the aim of promoting education, alleviation of poverty, and providing better living conditions for the under privileged. Out of all the activities conducted by the organisation, Golden Jubilee Scholarship awards is the best known. Each year, this award is given to the meritorious students in standard XII of school education or equivalent, who wish to continue their studies and have a parental income less than ₹200,000 (US$2,700).
Holding
LIC invests in sectors such as banks, cement, chemicals and fertilizers, electricity and transmission, electrical and electronics, engineering, construction and infrastructure, fast-moving consumer goods, finance and investments, healthcare, hotels, information technology, metals and mining, motor vehicles, and ancillaries, oil and natural resources, retail, textiles, transportation, and logistics.
Among the Nifty companies, LIC's holding in terms of value in 2012 was estimated to be the highest in ITC (₹27,326 crores), followed by RIL (₹21,659 crores), ONGC (₹17,764 crores), SBI (₹17,058 crores), L&T (₹16,800 crores), and ICICI Bank (₹10,006 crores). The share price drop in ITC on 18 July 2017 had caused LIC a major loss of around 7000 crores during the financial year.
LIC also holds a 51% stake in IDBI Bank, making it the only insurer in India to own a bank, since regulations prohibit insurers from holding more than 15% stake in any company, LIC will have to decide a timeline for paring its stake in IDBI bank; also LIC may have to pare its stake in LIC Housing Finance Ltd as a company cannot be the promoter of two finance companies carrying out same housing finance business in India.
LIC ipo
You may have noted from press reports that the Government of India is very keen and desirous to make a public offering of equity shares of the Life Insurance Corporation of India (“LIC” or the “Corporation”) and
list the equity shares on the Indian stock exchanges.
As you may be aware by now, the Government of India, in the interest of the policyholders of LIC, has passed an amendment to the LIC Act, 1956 permitting the Corporation to make a reservation on a competitive basis, in favour of its policyholders, at any time during the period of five years of the commencement of Section 131 of the Finance Act, 2021, i.e., five years
from June 30, 2021, as one of the reserved categories in any public offering that the Corporation may undertake in the future, subject to necessary approvals.
In order to participate in any such public offering, policyholders will need to ensure that their PAN details are updated in the Corporation’s records. Further, subscribing to any public offering in India is only
possible if you have a valid DEMAT account –
accordingly, policyholders should ensure that they have an active DEMAT account in place.
In the interests of our policyholders, we have in the past been running advertisements calling upon you to update your PAN in our records. If you have not yet provided this information to the Corporation, please do
it at the earliest. This is very important from a KYC perspective, as well as your ability to participate in the proposed public offering by the LIC, as and when it
takes place, subject to receipt of requisite regulatory and other approvals, in respect of such public offering.
This will be used to help you participate in the proposed offering.
The process for updating your PAN details with the Corporation is as set out below:
You may visit the Corporation website
www.licindia.in OR https://licindia.in/Home/
Online-PAN-Registration. Keep ready your Policy number, PAN, date of birth and e-mail ID, whichvneeds to be filled in while updating your PAN.
You may update the records for all of your LIC
policies using the above link.
You can also check whether your PAN is
registered in your Policy or not by visiting the
Corporation’s website www.licindia.in OR
https://linkpan.licindia.in/UIDSeedingWebApp/
getPolicyPANStatus?
Alternately, you may contact your LIC Branch or
Agent for updating the PAN.
In case you do not have PAN allotted to you, we
suggest that you may apply for the same as soon
as possible. You may apply for PAN, for which
procedure is as given at https://www.incometax
india.gov.in/Pages/tax-services/apply-for-pan.aspxt.
Once received by you, please do not forget to
update PAN in your records with the Corporation.
If you want more information about Lic ipo. So please go official website:- https://licindia.in › ipo
Lic Ipo - Life Insurance Corporation of India
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