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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