Page 15 - Insurance Times January 2024

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LIC shares soar 10% on LIC achieves over 50% of targeted biz in eastern
outlook for strong premium region
growth LIC has surpassed 50% of its targeted business in the eastern region during
Shares of LIC, surged 10% to hit an the first half of the current financial year, according to sources. The company
eight-month high on expectation of aimed for Rs 22,000 crore in 2023-24, having achieved a total premium
double-digit growth in new business income of Rs 18,200 crore last year.
premiums. The insurer is expecting Sources note that meeting this year's target seems feasible, especially
higher growth, chairman Siddhartha considering the fourth quarter's significance in the financial cycle.
Mohanty recently said.
During the press conference introducing the LIC Jeevan Utsav plan, Ajay
Life Insurance Corp. of India, jumped Kumar, the zonal manager of LIC, highlighted that the region's total premium
the most in eight months on the income growth remains in the high single digits.
expectation of double-digit growth in
new business premiums. completely, LIC Chairman Siddhartha The product is expected to cater to
Mohanty said. the domestic market.
The insurer is expecting higher growth
based on a recent trend showing an "We have made it clear that IDBI Bank The minimum sum assured under the
uptick in individual retail business, is our number one partner in policy is Rs 5 lakh. The premium paying
chairman Siddhartha Mohanty told the bancassurance. We will retain the terms range from five to 16 years. The
local news agency, Press Trust of India some stake in IDBI Bank so that the minimum age at entry is eight years,
,in an interview published. bancassurance partnership continues," while the maximum limit is 65 years.
he said. The income benefit, that is, the survival
Its shares jumped as much as 10.4%,
the most since 24 March, while trade The government, which owns over 45 benefit, will start flowing in after the
periods specified in the policy that are,
volume surged. per cent stake in IDBI Bank, and life
insurance behemoth LIC, with a 49.24 in turn, linked to the premium paying
per cent shareholding in the lender, term.
LIC to retain part stake in have jointly decided to sell a 60.7 per The plan offers the choice to choose

IDBI for bancassurance cent stake. between two payout options - regular
income and flexi income benefits.
benefit
LIC launches guaranteed In the case of the first one, 10 percent
LIC, promoter of IDBI Bank, has said it of the basic sum assured chosen by the
plans to retain a part of its stake in the return plan Jeevan Utsav policyholder will be paid at the end of
lender to harness the benefits of the LIC has announced the launch of a new each policy year, starting after 3 to 6
bancassurance. Along with the non-linked, non-participating individual
government, LIC will also divest its savings whole life insurance product - years from the deferment period.
stake in IDBI Bank but may not exit Jeevan Utsav. In the case of the second one,

14 January 2024 The Insurance Times