Page 15 - Insurance Times December 2015 SAMPLE

LIC Thanjavur aims at 1 lakh enrolment in Aam LIC invents platform for

Aadmi Bima Yojana Aadhar-linked eKYCs

Members of the unorganised sector 100 while the Centre remits an equal Life Insurance Corporation of India
welfare boards and women's self-help amount for him through the Social Se- (LIC) has created a
group members need to be brought curity Fund. platform where
under the ambit of the Life Insurance policyholders may
Corporation's group insurance In the event of death of the member avail of electronic
schemes, Collector N. the sum assured of Rs. 30,000
Subbaiyan said. Insurance would be paid to the nominee know your customer (eKYC) norms
schemes such as the Aam while for death due to acci- linked to the Aadhar card.
Aadmi Bima Yojana could be dent Rs. 75,000 would be paid
the panacea for social security to the nominee and perma- Integration of eKYC with Aadhaar
shortcomings of unorganised nent disability because of ac- would provide linkage to policy op-
sector workers and cident would fetch the mem- erations and in future the focus
marginalised sections of the society. ber the same amount. would be on enabling eKYC in vari-
ous in-house applications, an LIC
B. Sathyavathi, Senior Divisional Man- In the LIC's Thanjavur Division, it had statement quoted.
ager, LIC Thanjavur Division, said un- been planned to enrol one lakh mem-
der the AABY, the beneficiary insurer bers under the scheme during the cur- "LIC plans to launch six to seven tra-
needs to pay a yearly premium of Rs. rent fiscal and so far 17,280 people ditional products during the current
had been roped in. fiscal," LIC Chairman S K Roy had
told adding that, "LIC was looking at
LIC and Indian Railways bonds by bonds of Rs 2,000-cr gaining market share of 75 per cent
to 80 per cent in terms of premium
LIC would subscribe to about Rs 2,000 The bond deal is seen more of a loan and 80 per cent to 85 per cent in
crore worth of corporate bonds from at a concessional rate, the permission terms of policies by the end of the
the Indian Railways in what's the be- for which has been taken from the current fiscal".
ginning of a Rs 1.5 lakh crore invest- Reserve Bank of India. Indian Railway
ment deal over the next Presently, LIC has over 30 crore plus
five years. These 30-year Finance Corp (IRFC), which policies in force, with life fund to the
maturity bonds are likely to is the financing arm of the tune of Rs 18,24,195 crore and has
yield 30 basis points more Indian Railways, is likely to assets of over Rs 20 lakh crore.
than the government offer Rs 17,200 crore worth
benchmark bond. of such bonds to LIC this fi- LIC trims stake in Ashok
nancial year. Funds would
"While the insurer would benefit in be channelised by the railways for ca- Leyland by 2%
terms of credit quality, the funding will pacity expansion and longterm
help the railways to carry out long-term projects. State-owned Life Insurance Corp
projects," one executive cited, adding (LIC) has re-
that the deal would be announced The ministry also intends to fast-track duced stake in
shortly. Going by the average bench- sanctioned works on 7,000 km of commercial ve-
mark in the past, such bonds may yield double/third/fourth lines and commis- hicle manufac-
anything between 8.75 and 8.85%. sion 1,200 km in 2015-16 at an invest- turer Ashok
ment of Rs 8,686 crore. Leyland by 2 per cent by selling 5.71
crore shares in the open market. LIC,
LIC employees agree for 15% salary hike, 5-day week which had 7.31 per cent stake ear-
lier, brought down its shareholding in
The management of Life Insurance Corporation (LIC) and the unions representing the company to 5.30 percent by sell-
around 1 lakh employees of the insurance behemoth have agreed on a 15 per- ing shares between November 4,
cent wage hike, which will be effective from August, 2012. 2014, and October 16, 2015, Ashok
Leyland said in a BSE filing. Shares of
The new wage package does not cap an increase in the basic salary unlike in the Ashok Leyland were trading at Rs
case of bank employees, who also sealed a wage hike package in May with a simi- 96.10, up 0.16 percent on BSE in the
lar hike. Bank employees can have their basic pay revised upwards only to the afternoon trade.
tune of 2 percent per annum. In the pact, the management also agreed to a five-
day week for alternative Saturdays for LIC employees on the lines of their peers in
the banking industry.

The Insurance Times, December 2015 11

Copyright@ The Insurance Times. 09883398055 / 09883380339