Page 10 - Insurance Times March 2019

LIC of India

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LIC launches Micro Bachat plan LIC may go slow on addi-
Life Insurance Corporation launched a new micro insurance plan 'Micro Bachat'. tional capital infusion in
It is a regular premium, non-linked, participating en-
dowment micro insurance plan, which offers a com- IDBI Bank
bination of protection and savings. For the first time, LIC which has already infused about
a micro insurance plan has been launched providing Rs 14,500 crore in December 2018 in
coverage up to Rs 2 lakh, it said. IDBI Bank, is likely to go slow on fur-
This plan provides financial support for the family in ther investment. According to
case of unfortunate death of the policyholder during the policy term and a lump sources "While an additional capital
sum amount at the time of maturity for the surviving policyholders, it said. This has been sought, another big chunk
plan is available for standard healthy lives only in the age group of 18-55 years may not be payable on an immedi-
without undergoing any medical examination, it added. ate basis," Sources said that IDBI
Bank is seeking Rs 9,000 crore to
LIC suspends employee for Facebook post on Pulwama 10,000 crore on an immediate basis
from the life insurer.
attack
The Life Insurance Corporation of India has suspended an employee in West LIC Housing Finance posts
Bengal for claiming on social media that the "killing of
innocent Kashmiris" hurts him more than the deaths 25.5% jump in Q3 profit
of soldiers. LIC said it is investigating the matter. LIC Housing Finance reported 25.5
per cent jump in December quarter
LIC suspended Upper division clerk Krishnendu
Sengupta. The company's senior divisional manager in profit at Rs 596.31 crore, mainly due
Asansol described the posts as "anti-national" and to higher interest income. The
company's profit was Rs 475.1 crore
"tantamount to criticism of government policy". Sengupta
during the third quarter of 2017-18.
The Durgapur-based employee had written on Facebook on February 14: "It may
sound harsh, but I admit that killing of CRPF jawans hurts me lesser than kill- As per a stock exchange filing, the
company's total income stood at Rs
ing of innocent Kashmiris by Indian forces." The LIC employee described those
4,439.21 crore in the reported quar-
who are advocating war as the "actual anti-nationals". His statement came af-
ter the attack on a Central Reserve Police Force convoy in Jammu and Kashmir's ter. Interest income increased to Rs
Pulwama killed 40 jawans. 4,414.15 crore from Rs 3,586.74
crore in the year-ago period.
"These people are not satisfied with the blood of our soldiers, they want more
of our soldiers to die," Sengupta had added on Facebook. "These people will Total expenses too widened to Rs
not participate in war themselves, rather they would deliver lectures on false 3,579.62 crore from Rs 2,907.90
patriotism." The insurance company condemned the post and said the views crore in the third quarter of 2017-18.
The company's stock closed at Rs
were "against the ethos of LIC values and LIC strongly condemns" any anti-na-
tional conduct. "The matter is being investigated and appropriate action will 434.15 on BSE, down 4.24 per cent
be initiated," the corporation tweeted. from the previous close.

10 The Insurance Times, March 2019