September 26, 2016 10:09 PM ET

Insurance

Company Overview of Life Insurance Corporation of India

Company Overview

Life Insurance Corporation of India provides life insurance products and services in India. The company offers insurance, pension, unit, special, and micro insurance plans, as well as withdrawn plans and health plans; Aam Admi Bima Yojana, a social security scheme; and group insurance schemes for employers, associations, societies, etc. It serves customers through its branch or divisional offices, and agents. The company was founded in 1956 and is based in Mumbai, India with various branch, divisional, zonal, and satellite offices in India. It has operations in the United Kingdom, Sri Lanka, Fiji, Mauritius, Bahrain, Nepal, and Singapore.

Yogakshema

Jeevan Bima Marg

P.B. No 19953

Mumbai,  400021

India

Founded in 1956

Phone:

91 22 2202 8225

Fax:

91 22 2202 8943

Key Executives for Life Insurance Corporation of India

Chairman, Managing Director, Managing Director of Housing Finance, Chief Executive Officer of Housing Finance and Member of Policyholder Protection Committee
Age: 57
Managing Director, Executive Director of Corporate Communication, Director, Member of Risk Management Committee and Member of Policyholder Protection Committee
Age: 58
Chief Executive of Lichfl-Central Office Mumbai and Managing Director of Lichfl-Central Office Mumbai
Age: 57
Chief Executive Officer of Fgn-Bahrain and Managing Director of Fgn-Bahrain
Chief Executive of Licnmfamc- Central Office Mumbai
Compensation as of Fiscal Year 2016.

Life Insurance Corporation of India Key Developments

Life Insurance Corporation of India Announces Executive Changes

Life Insurance Corporation of India has appointed V K Sharma as its chairman. Sharma has replaced S K Roy. Currently, Sharma serves at LIC as managing director.

Life Insurance Corporation of India Signs Agreement with Axis Bank as Its Bancassurance Partner

Life Insurance Corporation of India (LIC) has signed an agreement with Axis Bank as its bancassurance partner under which the bank will distribute LIC's products to its customers. In the preliminary phase, the bank will distribute LIC's life insurance products across its branches in West Bengal, Bangalore and Haryana-Panchkula. Additionally, the bank will also provide post-sales services such as premium collection and renewal of policies.

Government of India Mulls Sale Of Stake In Three Companies

The Government of India is in talks with Life Insurance Corporation of India (LIC), to sell significant stakes owned by The Specified Undertaking of the Unit Trust of India, on behalf of the government. Some reports say that LIC could be buying up to 5% stake mainly in AXIS Bank Limited (BSE:532215), Larsen & Toubro Limited (BSE:500510) and ITC Limited (NSEI:ITC)

Recent Private Companies Transactions

Type
Date
Target
Private Placement
August 4, 2016
Allahabad Bank
Merger/Acquisition
March 31, 2016
National Stock Exchange of India Ltd.
Private Placement
March 30, 2016
Allahabad Bank
 

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