Life Insurance Corporation

Prior to the latest extension, the Centre had extended the term of M.R. Kumar from June 30, 2021 till March 13, 2022, which is when he was to complete three years in LIC. This tenure extension comes at a crucial juncture when the company is expected to launch its IPO in the current financial year ending March. The listing of LIC is poised to be India's biggest IPO to date, with the government looking to raise up to Rs 1 lakh crore by selling shares.

In its latest report on the Indian insurance sector, Moody's said that the Central government's plans to infuse capital into state-owned insurers, and listing of Life Insurance Corporation of India (LIC) will encourage disciplined underwriting of risks in general and life sectors.

The government is considering selling a 5-10 per cent stake in the company, which could raise between Rs 400 billion and Rs 1 trillion, according to the people with knowledge of the matter, who asked not to be identified as the matter is private. The potential valuation is based on preliminary talks and may change after further discussions, due diligence and an official valuation report, the report said.

The Deposit Insurance and Credit Guarantee Corporation Bill, 2021 on Wednesday got Parliament's nod, with the Rajya Sabha passing the legislation, which has already been cleared by the lower house. The bill proposes to provide relief to small depositors by providing guarantees on their life savings, increasing the insurance amount on each depositor's bank deposit to Rs 5 lakh in both principal and interest.

According to its Twitter handle, the LIC has barred any websites, publishing houses or digital entities from publishing its logo without the prior permission. The 65-year-old LIC, which is soon going for its IPO, has warned stringent legal or civil action against any person found misusing its official logo, in a post on Friday.

The bonus declared is the highest ever by the Company till date and is also 10 per cent higher than the bonus announced in the last fiscal, the company said. All participating policies in-force as of March 31, 2021 are eligible to receive this bonus and will be added to the policyholders' benefits, it added.

In INR value terms though, it reached an all-time high of Rs 7.24 lakh crore in the quarter ending March 31, 2021, an increase of 6.30 per cent over the previous quarter. Sensex and Nifty rose by 3.70 and 5.10 per cent respectively during this period. LIC also continues to command a lion's share of investments in equities by insurance companies (76 per cent share).