Page 10 - The Insurance Times October 2021

LIC of India News

Merchant bankers named LIC cuts fees for revival of As per a survey report released by
Brand Finance Insurance 100, LIC is
for LIC IPO lapsed policy ranked as the "3rd Strongest and 10th
The governmAent has appointed 10 LIC of India has launched lapsed policy most valuable brand in the world", it
merchant bankers including Goldman revival campaign. This allows custom- added.
Sachs (India) Securities, Citigroup Glo- ers to revive their policy with a conces- "True to the objective of nationaliza-
bal Markets India, and Nomura Finan- sion in late fee payment.
tion, LIC is committed to propagate
cial Advisory and Securities India to According to officials, the corporation the message of life insurance to reach
manage the mega initial public offer- has for the first time extended the all insurable people at a reasonable
ing of country's largest insurer LIC. campaign to microinsurance and cost," the statement said.

Other selected bankers include SBI health insurance policies in additional With footprints in 14 countries across
Capital Market, JM Financial, Axis Capi- to conventional products. the world, the corporation continues
tal, BofA Securities, JP Morgan India, The revival campaign, which was to be a market leader by holding ma-
ICICI Securities, and Kotak Mahindra started from August 23 and will con- jority of market share viz 66.18 per
Capital Co Ltd, a circular on the divest- tinue till October 22, aims to give an cent in First Year Premium Income and
ment department website said. opportunity to those who have not 74.58 per cent in number of policies.
been able to pay their premium aris-
"Government has finalised the book
ing out of some emergency for five During the year 2020-21, LIC sold 2.10
running lead managers and some other years, including during the pandemic. crore new policies and registered a
advisors for the IPO of LIC," DIPAM growth of 3.48 per cent in the new
Secretary Tuhin Kanta Pandey The concession is in the 20-30% range business in terms of the First Year Pre-
tweeted. and subject to a cap of Rs 3,000. The mium by collecting an amount of Rs
concessions are not available for term
The disinvestment department had in- assurance and high-risk plans. 1.84 lakh crore as on March 31, 2021,
vited applications for the appointment it said.
of merchant bankers on July 15. Follow-
ing this, 16 merchant bankers made LIC new business premium LIC picks up 4% stake in
presentations for managing listing and in FY 21 up 3.48%
partial disinvestment of Life Insurance Life Insurance Corporation of India en- Bank of India
Corporation (LIC). tered its 66th year of existence on Sep- Bank of India has said LIC has picked
The Department of Investment and tember 1, 2021. up nearly 4 per cent equity shares of
Public Asset Management (DIPAM) is Starting with an initial capital of Rs 5 the bank through an open market
also in the process of appointing a le- crore in 1956, LIC now has asset base transaction recently.
gal adviser for the stake sale and the of Rs 38,04,610 crore, with Life Fund LIC has picked up nearly 3.9 per cent
last date for putting bids is September to the tune of Rs 34,36,686 crore, a (15,90,07,791 shares) of the bank
16. statement said. through open market acquisition on

10 The Insurance Times, October 2021