Page 10 - Insurance Times June 2021

LIC of India News

LIC has now become LIC-CSL, IDBI Bank launch departmental stores, petrol pumps,
restaurants, jewelry stores, apparel
tenth-most-valuable RuPay prepaid gift card
stores, etc. They can also shop online,
insurance brand globally 'Shagun' pay utility bills, book tickets for air,

Life Insurance Corporation (LIC) - has LIC Cards Services Limited (LIC-CSL) rail,bus, and so on through various
emerged as the third strongest and the joined hands with IDBI Bank to launch mobile wallets and E-commerce
tenth most valuable insurance brand launched contactless prepaid gift card portals or Apps using this card," the LIC
globally, according to a report by ‘Shagun’ on RuPay platform. This card subsidiary said in a statement.
Brand Finance Insurance 100 2021, a is meant to expand the gift card Cardholders can use contactless tap-
London-based brand valuation market with an intent to promote and-go feature of the Shagun gift card
consultancy firm Brand Finance. cashless ways of gifting and present a at a compatible Point of Sale (PoS)
According to the report, the total wide range of end-use choices while terminal and make digital payments
value of the world's top 100 most preparing for the foray into e-gift card without having to enter the PIN for
valuable insurance brands declined by market. purchases up to Rs. 5,000. The card
6 per cent from $462.4 billion in 2020 The Shagun card will initially be comes pre-wrapped, ready for gifting,
to $433.0 billion in 2021. available to LIC and its subsidiaries and and also has the provision to include
However, LIC's brand value increased associates for official use and will be personalised messages for the
recipient. The Card can also be easily
by almost 7 per cent to $8.65 billion. used to facilitate awards and special linked to ‘m-passbook’ mobile app
There are five Chinese insurance rewards during official conferences
and functions. It will be introduced in giving real-time access to transaction
companies in the top 10 most valuable history, card balance, etc.
insurance brands globally, with Ping An the open market in coming months via
a digital platform, LIC-CSL said.
Insurance emerging the world's most
valuable insurance brand, despite The Shagun Gift Card offers flexible LIC IPO: Centre plans to
recording a 26 per cent drop in brand loading amounts, ranging from Rs. 500 raise up to Rs 25,000 cr
value. to Rs. 10,000 and validity of 3 years. from over 24 anchor
Benefitting from the the wide
The US has two companies in the top acceptability of RuPay, the Shagun gift investors
10, while France, Germany, and India
card can be used at millions of The Centre is mulling to draw in a
have one insurance company each in
merchant outlets and e-commerce clutch of anchor investors to pump in
the list. As far as the strongest
websites in India, LIC-CSL noted. up to Rs 25,000 crore in the shares of
insurance brands are concerned,
Italy's Poste Italiane leads the pack, "The card will provide users the Life Insurance Corporation of India
followed by Mapfre of the US and LIC freedom to make purchases at various (LIC) in its IPO (Initial Public Offering).
of India. merchant locations including LIC will also undergo a change in its

10 The Insurance Times, June 2021