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April 18, 2015 5:33 AM ET

Insurance

Company Overview of Life Insurance Corporation of India

Company Overview

Life Insurance Corporation of India provides life insurance products in India and internationally. The company offers insurance, pension, unit, special, and micro insurance plans; groups schemes, withdrawn plans, and health plans. It provides its products through its branch or divisional offices, and agents. The company was founded in 1956 and is based in Mumbai, India. It has branch, divisional, zonal, and satellite offices in India.

Yogakshema

West Wing

4th floor

Jeevan Bima Marg

Mumbai,  400021

India

Founded in 1956

Phone:

91 22 2202 2151

Fax:

91 22 2202 8943

Key Executives for Life Insurance Corporation of India

Managing Director, Executive Director of Corporate Communication and Director
Age: 56
Managing Director and Executive Director
Age: 58
Managing Director, Director, Chief Executive Officer of Housing Finance and Managing Director of Housing Finance
Age: 56
Chief Executive of JBS AMC - Central Office
Chief Executive Officer of Mutual Fund
Compensation as of Fiscal Year 2014.

Life Insurance Corporation of India Key Developments

IDBI Bank Inks Agreement with Life Insurance Corporation of India to Offer Life Insurance to its Saving Bank Account Holders

IDBI Bank has inked an agreement with Life Insurance Corporation of India to offer life insurance to its saving bank account holders under the central government's scheme Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY). As per the scheme, the bank account holders, between 18 and 50 years, will get an insurance coverage of INR 200,000 for which the consumers have to pay a nominal premium of INR 330 with service tax annually. The life cover will be available up to 55 years.

Dena Bank, LIC Sign MOU to Provide Life Cover Under PMJBY

Dena Bank signed agreement with LIC to provide insurance cover to its savings account holders under the Prime Minister's Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) scheme. Under the Memorandum of Understanding, LIC will give a life cover of INR 0.2 million in case of death of the insured person at a nominal premium of INR 330 per annum. Account holders in the age group of 18 to 50 years can avail of the product. People who join the scheme before completing 50 years can continue to have the risk of life cover up to the age of 55 years subject to payment of premium. The scheme will come into effect from June 1, 2015. The bank customers can join the scheme between June 1, 2015 to May 31, 2016.

Government To Auction Stake In UTI

The government intends to auction 74% stake in UTI Mutual Fund. State Bank of India (BSE:500112), Bank of Baroda (BSE:532134), Punjab National Bank (BSE:532461) and Life Insurance Corporation of India each holds 18.5% stake in UTI. Officials in the finance ministry said that the auction route was being considered as it would not favor any shareholder. "Whoever wishes to purchase the 74% stake, including the foreign partner, can do so through this route," said an official. Industry players said that the government did not have too many options: It could allow a stake dilution through the initial public offering that T Rowe Price wants and make it a professionally managed company. Or, it could merge UTI with one of the four shareholders. The third option is to take the auction route so that the highest bidder becomes the majority shareholder.

Recent Private Companies Transactions

Type
Date
Target
Private Placement
March 7, 2015
Bank of India
Private Placement
March 5, 2015
Canara Bank Limited
Private Placement
February 5, 2015
UCO Bank
 

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