Know about, LIC IPO
Life Insurance Corporation of India (LIC) is a statutory insurance and investment corporation of India headquartered in the city of Mumbai, India (Mumbai, LIC Headquarter). It is owned by the Government of India (LIC owned by Indian Government).
Read Also:Â What is Life Insurance? And where is it used and what are its benefits
Finance Minister Nirmala Sitharaman announced a proposal to make an Initial Public Offering (IPO) for LIC in the Union Budget of 2021. IPO opened on 4th May 2022 (IPO open date) and 9th May 2022 is scheduled to close (IPO Close Date). After the public listing, the Government of India will continue to be the largest shareholder. It is proposed to allot 10% of the shares to the existing LIC policyholders. In the year 2021, the Government of India proposed to increase the capital of LIC to ₹250 billion to facilitate the scheduled public listing for the next financial year which began on April 1.
Read Also:Â What is Life Insurance? And where is it used and what are its benefits
The Life Insurance Corporation of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance Act of India. After which the insurance industry in India was nationalized (Foundation of LIC). More than 245 insurance companies and provident societies were merged to form the Life Insurance Corporation of India.
As of 2019, the Life Insurance Corporation of India had a total life fund of ₹28.3 trillion (LIC life fund). The total value of the policies sold in the year 2018-19 is ₹21.4 million. Life Insurance Corporation of India settled 26 million claims in 2018-19. It has 290 million policy holders (Number of LIC policy holders).
The Oriental Life Insurance Company, the first company in India to offer life insurance coverage, was established in 1818 in Kolkata (First life insurance company in India).
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