Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Mon, 21 Feb 2022 05:19 PM IST
Summary
LIC President MR Kumar: Life Beam Corporation of India (LIC) Chairman MR Kumar said on Monday that as of now, I don’t think we need capital. However, going forward, if any growth capital is required, we will definitely approach not only the government but all stakeholders.
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Expansion
Kumar said the profitability of any insurance company is different from others. Our surplus was over Rs 50,000 crore, but 95 per cent of it was going to the policyholders. Going forward the surplus distribution goes from 95 per cent to 90 per cent, so profits will also increase gradually. He said that I personally want to have some stake in IDBI Bank. This has been the strongest contributor to the bancassurance channel for us. I want to see that relationship grow.
Serious about listing IPO in March: LIC Chief
The LIC chairman said the insurance company is closely monitoring the geopolitical situation arising out of Russia-Ukraine tensions. We are very serious about listing the IPO in March. In fact, this is the country’s biggest IPO ever, through which it is proposed to raise Rs 63,000 crore by selling five per cent stake of the government through offer for sale.
Also talked about discount in LIC IPO
MR Kumar also informed that customers of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) will be offered special discounts in LIC IPO. PMJJBY is a part of the same and this relaxation will be extended to the policyholders as well. The insurance scheme launched in 2015 provides a life cover of Rs 2 lakh to all savings bank account holders in the age group of 18-50 years. It is valid for one year. Death due to any reason is covered in this insurance. Its premium per subscriber is Rs 330 per year.