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Trichy, Tamil Nadu, India
Working as an Assistant in LIC of India, Rockfort BO, Trichy, TN. Having a strong belief that LIC's welfare is our welfare and always trying to work towards that. Also functioning as an office bearer of AIIEA Thanjavur Division.

Monday, October 20, 2014

Cyclone Hudhud: LIC appoints nodal officers to step up services in Odisha, AP

Courtesy: Firstpost
The country's largest life insurer, Life Insurance Corporation of India, has appointed nodal officers in cyclone-devastated Andhra Pradesh and Odisha for stepping up its services in the region, including expediting settlement claims.
LIC has eased the procedure for settlement of claims on the lives of the victims of cyclone Hudhud in Andhra Pradesh and Odisha, the company said in a statement.
These concessions and relaxations are in the nature of simplified procedure for death and disability claim settlement, loss of policy document and claim settlement on the lives of missing persons, it said.
LIC has appointed Nodal Officers in the affected states for coordinating and expediting settlement claims, it said.
More than 30 people lost their lives while several others were rendered homeless after cyclone Hudhud made landfall last Tuesday. Prime Minister Narendra Modi had announced Rs 1,000 crore towards taking up immediate relief works.

LIC gets Rs. 11,500cr in I-T refunds, policy holders to benefit

Courtesy : The Hindu
Life Insurance Corporation (LIC) has received more than Rs. 11,500 crore in income tax refunds and a big chunk of the amount would be passed on to policyholders, an official said.
“We received I-T refunds in two tranches aggregating to more than Rs. 11,500 crore, after winning a dispute with the I-T department at the Income Tax Appellate Tribunal (ITAT),” an LIC official, who wished not to be named, told PTI here today, adding that this refund happens to be the largest which the company has received so far.
This could not be ascertained with LIC Chairman S.K. Roy.
A text message sent to him also remained unanswered.
In its order dated April 3, 2013, ITAT Mumbai had delivered a judgment in favour of LIC with respect to assessment years 2007-08, 2008-09 and 2009-10, the official said.
As a result of the above ITAT judgment, the LIC received a refund of Rs. 4,190.19 crore for assessment years (AY) 2007-08 and 2009-10 on December 31, 2013. A refund for AY 2008-09 worth Rs. 7,500 crore has been received by the LIC recently, the official said.
As per Section 26 of the LIC Act of 1956, 95 per cent of the surplus coming from I-T refunds ought to go to its policyholders, while the remaining 5 per cent has to be paid to the government in the form of dividend, after arriving at actuarial valuation at the

LIC investment value jumps 45% in 1 year, beats indices

Courtesy: Financial Express
"Since most of the surplus gets distributed among policyholders,
rise in investment return will benefit policyholders"
LIC policyholders may gear up for higher returns on their investment. The Life Insurance Corporation, the largest domestic institutional investor, has seen its portfolio of stocks outperform the two benchmark indices and even the average return generated by large-cap equity funds over the last one year as its investment value has jumped by 45 per cent.
This is despite the government reportedly pushing the insurer to subscribe to overpriced issues of state-owned entities. The government has also, at times, forced it to sell stakes in companies in order to provide stability to the rupee, when foreign investors were pulling out of the markets, leading to the rupee falling against the dollar.
As per nseinfobase.com, developed and compiled by Prime Database, LIC, as on the quarter ended June 2014, owns over 1 per cent stake in 316 listed entities and the market value of all such

Monday, September 15, 2014

LIC eases claims settlement rules for Jammu and Kashmir flood victims

Source: ET
State-run insurer LIC has relaxed claim settlement procedure for those affected in floods in Jammu and Kashmir and a special help desk has been set up for expeditious claim processing.

LIC has extended concessions and relaxations to claimants with respect to settlement of death and disability benefit claims, the largest insurance company said in a statement.

"These concessions are in the nature of simplified death claim settlement, proof of death or missing, loss of policy document etc, similar to concessions and relaxations extended to the victims of floods and landslides in Uttarakhand in June 2013," it said.

In addition, for policyholders residing in the flood affected areas, LIC has extended waiver of interest on the overdue premium, it said.

LIC has set up special help desk at Srinagar divisional office and Northern zonal office at New Delhi to facilitate expeditious settlement of claims.

LIC investment to cross Rs 2.5 lakh crore in FY'15

Source: ET
Country's largest insurer LIC has lined up over Rs 55,000 crore for investment in the equity market in the current fiscal, a part of which will be used for picking up stakes in PSUs during the disinvestment process.

"We will invest a total of Rs 55,000 crore or even more in the equity market in the current fiscal," LIC Chairman SK Roy told PTI.

Asked how much LIC has been earmarked for the upcoming disinvestment, Roy said that Rs 55,000 crore "covers all" type of investments.

LIC had picked up stocks worth Rs 51,000 crore last fiscal and investments were made across sectors.

The public sector insurer has been a key investor in the disinvestment programme of the government.

The government recently gave go ahead to disinvestment of its part stakes in ONGC, CIL and NHPC, which together may earn Rs 43,000 crore to the exchequer. It is also planning to sell 5 per cent stake in SAIL and 10 per cent each in RINL and HAL in the current fiscal.

Roy also informed LIC investment in the bond market may touch Rs 2.5 lakh crore in the fiscal ending March 2015.

In the current fiscal, the life insurer has

Friday, September 5, 2014

LIC tops list of Million Dollar Round Table in 2014

Source : BusinessStandard

Life Insurance Corporation of India (LIC) has topped the company ranking list of the Million Dollar Round Table (MDRT) in 2014. LIC leads the company ranking list with 6730 MDRT members.

Founded in 1927, the Million Dollar Round Table (MDRT), The Premier Association of Financial Professionals, is an international, independent association of more than 42,000 of the world's leading life insurance and financial services professionals from more than 470 companies in 71 countries.
Apart from the basic membership, MDRT has two levels-- Court of Table (COT) and Top of Table (TOT). MDRT's Top of the Table is an exclusive forum for the world's most successful life insurance and financial services professionals.
It has now been decided by LIC to encourage more agents to join this esteemed group and aim to achieve 13000 members in this calendar year.
To become a member of MDRT in 2014, an agent is