Page 10 - Milliman Advisors News Today : Breaking News, Live Updates & Top Stories | Vimarsana

ISSUE DATE: March 22, 2021 UPDATED: March 15, 2021 12:48 IST Illustration by Nilanjan Das Its acronym, LIC, and its logo have been iconic symbols of financial security for Indians born before the new millennium. Even now, 290 million, or one in five, Indians are insured by the government-owned Life Insurance Corporation. It still controls 66 per cent of the country’s life insurance market even though private insurers, allowed into the fray in 1999, have now been around for over two decades. LIC is a financial behemoth like no other in the country, overshadowing even the State Bank of India ...

Read more about Govt proposes to hike in LIC's authorised capital to Rs 25,000 cr on Business Standard. The government has proposed to significantly increase the authorised capital of Life Insurance Corporation of India (LIC)

The authorised share capital of LIC shall be Rs 25,000 crore divided into 2,500 crore shares of Rs 10 each, as per the amendments proposed in the Life Insurance Corporation Act, 1956

The government has proposed to significantly increase the authorised capital of Life Insurance Corporation of India to Rs 25,000 crore to facilitate its listing slated for the next fiscal.

Currently, the paid-up capital of the life insurance company with over 29 crore policies is Rs 100 crore.