Finance Minister Nirmala Sitharaman confirmed the news of completion of LIC IPO in 2021-22 in the budget, this helps the public sector to develop the wealth and generates discipline I am investing and insurance. The government has decided to sell a part of its holding in LIC by IPO with a target of increasing Rs 1.75 lakh crores, this asset helps to rise the sale to revive the economy in India. The disinvestment and investment of LIC IPO are managed by the Department of Investment and Public Asset Management (DIPAM). The launch of LIC IPO was confirmed by DIPAM Secretary Tuhin Kanta on 2nd of Fed 2021.And as pre-IPO advisors the SBI Caps and Deloitte are appointed, apart from that the policy holders can get the opportunity to purchase the shares as the secretary is planning for such facility to the shareholders so they can participate and can get the opportunity to enjoy the fruit of company's growth. The Tentative Timeline of LIC IPO is to be launched during the 3rd or 4th quarter of the 2021 - 22 financial year respectively.
History of LIC India:
LIC of India was created in the year of 1956 on 01st of September after the Parliament of India as passed the LIC Act. The purpose of its origin is to spread the life insurance all over in India to every citizen at affordable price. In the year of 1956 LIC had 5 Zonal offices, 33 Divisional offices and 212 Branches offices and at present it has 8 Zonal offices, 113 Divisional offices with 2048 branch offices and 1381 satellite offices across the country. When we speak about LIC under industrial view it had tie up with many big industries and companies to offer multiple benefits to the policyholders It has been recorded that in 2019-20 LIC had a growth if 12.41%. Presently there are 24 life insurers, 27 general insurers and 12 re-insurers at the end of 2020.
The Life Insurance Corporation of India offers a variety of insurance plans, explained below-
Endowment Plans-
- New Endowment Plan
- New Jeevan Anand Plan
- New Bima Bachat Scheme
- Single Premium Endowment Plan
- Jeevan Lakshya Plan
- Jeevan Labh Plan
- Aadhaar Stambh
- Aadhaar Shila
Whole Life Plans-
- Jeevan Uman Scheme
Money Back Plans-
- 20 Years - Money Back Plan
- 25 Years - Money Back Plan
- Jeevan Umang
- New Children's Money Back
- Jeevan Tarun
- Jeevan Shiromani
- Bima Shree
Term Assurance Plans-
- Tech Term
- Jeevan Amar
Riders-
- Premium Waiver Benefit Rider
- Linked Accidental Death Benefit Rider
- Accidental Death and Disability Benefit Rider
- New Critical illness Benefit Rider.
- New Term Assurance Rider