Wednesday, June 22, 2022

Is Life Insurance Corporation Of India A Government Organisation

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Gic Perestrakhovanie Llc Russia

LIC- Life Insurance Corp Recruitment Notification 2017 Jobs, Exam Dates, results

GIC Perestrakhovanie LLC, Russia is a 100% subsidiary of GIC Re which was established on 14 November 2018 and was licensed on 30.01.2020 to transact reinsurance business. The remit of the subsidiary is to write business in all classes of reinsurance emanating from Russia and former Soviet Union countries, namely, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine, Uzbekistan.

In Which Sectors Lic Invest

LIC invests in various different sectors such as cement, banks, chemicals and fertilizers, transmission and electricity, engineering, construction and infrastructure, electrical and electronics, healthcare, hotels, finance and investments, information technology, metals and mining, motor vehicles, oil and natural resources, retail, textiles, transportation and logistics.

List Of Financial Institutions In India

This article throws light upon the eight important financial institutions that operate in India. The financial institutions are: 1. Reserve Bank of India 2. Commercial Banks 3. Universal Banks 4. Life Insurance Corporation 5. General Insurance Corporation 6. Unit Trust of India 7. Mutual Funds 8. Investment Companies.

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Amid Plummeting Sensex The Life Insurance Corporation Of India Lost Rs 184 Lakh Crore In 2020

Every so often, Indias largest and oldest insurer, a staid socialist-era state-run firm, sheds its Clark Kent-image to swoop in and save other distressed government companies. Thats because the Life Insurance Corporation of India, commonly known as LIC, is also one of the most profitable of all such firms, accruing Rs 48,436 crore in the Financial Year 2018-19 alone. In the first 10 months of the current financial year, it posted a profit of Rs 23,273 crore, up over 42% from the same period a year ago.

LIC isnt immune to market vagaries, though. Certainly not in times of a terrible pandemic like this. Having led to the death of over 16,591 people globally 11 in India since its emergence in December 2019, Covid-19 has wreaked havoc on stock markets everywhere. Indias benchmark S& P BSE Sensex alone has lost around 37% of its market value over the past month.

Nearly all of LICs investments have suffered bloody blows, losing Rs 1.84 lakh crore in 2020, according to an Economic Timesreport on March 23. Whether this haemorrhaging will scupper the governments plans for an initial public offering for LIC remains to be seen. Managing Rs 30 lakh crore in assets, the behemoths market debut was expected to rake in Rs 70,000 crore, which would then go towards bridging Indias widening fiscal deficit.

Government Now Considering Selling 25% Stake In Lic

Hot on internet: November 2010

The Indian government wants to get the cabinetâs approval for selling 25% of its stake in Life Insurance Company . This is because Prime Minister Narendra Modi wants to reduce the widening budget gap. The government also wants to make amendments to the act of parliament under which LIC had been set up. The timing of the initial public offering will be based on a lot of factors example, market conditions. A sale of its stake in LIC via a public offering of shares will aid the government in bolstering the finances after the pandemic had hampered the growth and also affected the fiscal deficit target.

20 October 2020

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Top 20 Life Insurance Companies In India List 2020

Here is list of life insurance companies in India . Every company is good in its own terms. So ranking one company above another does not make sense. It is a list of life insurance companies in India in a random order in 2020-2021. Please do not consider it as Top 10 or Top 20 life insurance companies in India.

  • Bajaj Allianz
  • Bajaj Allianz Life Insurance Company Limited

    Bajaj Allianz Life Insurance is a union between Allianz SE, one of the largest Insurance Company and Bajaj Finserv.

    Birla Sun Life Insurance Company Limited

    Birla Sun Life Insurance is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., one of the leading international financial services organisation from Canada.

    HDFC Life Insurance Company Limited

    It is a joint venture between HDFC and Standard Life. HDFC is Indias premier housing finance company and a well established financial conglomerate. Headquartered in Edinburgh, Standard Life is a leading provider of long-term savings and investments.

    ICICI Prudential Life Insurance Company Limited

    ICICI Prudential Life Insurance is a joint venture between ICICI Bank, a premier financial powerhouse in India and Prudential plc, a leading international financial services group headquartered in UK.

    Exide Life Insurance Company Limited

    Exide Life Insurance is having its headquarters in Bengaluru and is 100% owned by Exide Industries Limited, an Indian battery manufacturing company.

    Lic Announces New Aadhaar Shila Scheme

    Life Insurance Corporation of India has recently announced a woman-oriented scheme. This will aid Indian women tin becoming self-reliant- Aadhar Shila. The scheme is a plan for all women between the age of 8 to 55 years. All investors have to invest Rs.29 every day to get Rs.4 lakh at the time of maturity.

    Official reports have said that the Aadhar Shila scheme is a guaranteed return plan. Other than the assured returns on the investment plan, LIC offers protection coverage for the amount that has been invested.

    23 July 2021

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    Forms Of Public Enterprises With Their Merits And Demerits

    Forms of Public Enterprises with their Merits and Demerits!

    Public enterprise stands for a concern owned and managed by the State or any other public authority. It also broadly refers to nationalized industries and institutions, which are engaged in production or supply of services.

    In recent years, the Central and State Governments in India have established many public enterprises conforming to the Industrial Policy Resolutions of 1948 and 1956. The trend also has been in the direction of expanding the public sector. In view of this, the public enterprises are expected to play a much greater role in the coming years.

    The public enterprises are organized by the following one or the other of the three important forms:

    1. Government Department

    1. Government Department:

    This is the oldest and a traditional form of running any activity by the government and is freely extended to the State or Central enterprises such as railways, posts and telegraphs, and defense.

    The principal features of this form of organization are as follows:

    i. The enterprise is managed by one of the departments of the government.

    ii. The minister in charge of that department has direct control on the enterprise.

    iii. It is financed by the annual budget appropriations passed by the legislatures and its revenue or its major portion of income are paid into the treasury.

    v. The enterprise like any other government department is managed by the full-fledged government employees.

    Merits:

    Drawbacks:

    Lic Cards Service Limited

    Budget 2020 | Government To Sell Stake In Life Insurance Corporation Via IPO

    LIC Cards services limited came into existence in 2008 as a 100% subsidiary of LIC to bring out its own credit cards in the market. LIC offers four types of credit cards and each of these cards come with some common features and some distinct features that make them unique. LIC credit cards are best suited for you if you regularly pay a large LIC premium. LIC cards are uncapped, while other cards have a cap cashback and reward points that can be earned on premium payments.

    The types of LIC cards are:

    • LIC Gold Credit Cards
    • LIC Platinum Credit Cards
    • LIC Titanium Credit Cards
    • LIC Signature Credit Card
    Fee/Charge
    3% of the amount
    Foreign Currency Mark-up Fee3.5% of the transaction amount

    There are certain criteria that the financial institution looks into before accepting your credit card application. Your credit score, age, monthly income, location etc. are some of the parameters that you should keep in mind before you apply for a credit card. To apply for a LIC credit card, you should be above 18 years and should either be a LIC agent or a LIC policyholder. The document required to apply for a LIC credit card are:

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    Stocks In Focus: Lic Housing Fin Jubilant Pharmova Wipro Rites Newgen Software Pfc Cesc Canara Bank And More

    Nifty futures on Singapore Exchange traded 24 points, or 0.15 per cent lower at 15,830 signaling that Dalal Street was headed for a negative start on Wednesday. Here are a dozen stocks that may buzz the most in today’s tradeStocks in focus: LIC Housing fin, Jubilant Pharmova, Wipro, RITES, Newgen Software, PFC, CESC, Canara Bank and more

    Seven Stocks Where Investors Are Raising Bearish Bets Ahead Of F& o Expiry

    Last weeks wild gyrations in the stock market, which continued on Monday too, have caused some investors to dial back their recent optimism for the market in general. This shift towards cautiousness was apparent in the futures and options data, released on Friday, which showed that investors chose to unwind their long positions in most stocks without much thought for the long-term. Out of the 156 stocks that trade in the F& O segment on the National Stock Exchange, 113 saw unwinding of long positions. Crucially, though, seven stocks saw high addition of short or bearish positions from traders ahead of derivatives expiry on Thursday.

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    On And Off Site Supervision:

    Onsite Inspections:

    The Authority has the power to call for any information from entities related to insurance business Insurance companies and the intermediaries, as may be required from time to time.

    On site inspection is normally carried out on an annual basis which includes inspection of corporate offices and branch offices of the companies. These inspections are conducted with view to check compliance with the provisions of Insurance Act, Rules and regulations framed thereunder.

    The inspection may be comprehensive to cover all areas, or may be targeted on one, or a combination of, key areas. When a market-wide event having an impact on the insurers occurs, the Supervisor obtains relevant information from the insurers, monitors developments and issues directions as it may consider necessary. Though there is no specific requirement, events of importance trigger such action. The supervisor reviews the internal controls and checks at the offices of Insurance companies, as part of on-site inspection.

    Off-site Inspection:

    The primary objective of off-site surveillance is to monitor the financial health of Insurance companies, identifying companies which show financial deterioration and would be a source for supervisory concerns. This acts as a trigger for timely remedial action.

    All Insurance companies are required to publish financial results and other information in the prescribed formats in newspapers and on their websites at periodic intervals.

    How To Choose The Best Insurance Company

    Merger of 3 PSU Insurance Companies

    While choosing a life insurance product, it is quite natural to choose a product based on recommendations by your friends, colleagues, advisor or just based on the price alone. But, choosing the right insurance company is more important, which involves various aspects to consider. You need to consider some of the important aspects while choosing the life insurance company so that you can reap the maximum benefit in times of need.

    Following are the important factors to consider to choose the best insurance company:

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    Types Of Public Sector Enterprises 3 Important Types: Departmental Undertakings Statutory Corporations And Government Companies

    The various forms of public sector enterprises are described below:

    Type # 1. Departmental Undertakings:

    Departmental Undertakings is the oldest and most traditional form of organising public sector enterprises and are established as departments of the ministry and are considered part or an extension of the ministry itself. The activities performed by these departments are an essential part of the functioning of the government because the Government functions through these departments.

    They do not have any independent legal entity or have been established as autonomous or independent institutions. These undertakings may be under the central or the state government and the rules of central/state government are applicable and conduct their activities through officers of the Government. The employees of these undertakings are considered to Government employee. A few of examples of these undertakings are railways, post and telegraph department etc.

    Features of Departmental Undertakings:

    The various features of a departmental undertaking are described below:

    i. Financed through government treasury An annual appropriation from the budget of the Government is made and the funding of these enterprises come directly from the Government Treasury. The revenue earned by these is also paid into the treasury

    ii. Audit and control They are subject to accounting and audit controls applicable to other Government activities.

    Merits of Departmental Undertakings:

    Objectives Of Lic Of India

    The LIC was established with the following objectives:

    • Spread life insurance widely and in particular to the rural areas, to the socially and economically backward claries with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost
    • Maximisation of mobilisation of peoples savings for nation building activities.
    • Provide complete security and promote efficient service to the policy-holders at economic premium rates.
    • Conduct business with utmost economy and with the full realisation that the money belong to the policy holders.
    • Act as trustees of the insured public in their individual and collective capacities.
    • Meet the various life insurance needs of the community that would arise in the changing social and economic environment
    • Involve all people working in the corporation to the best of their capability in furthering the interest of the insured public by providing efficient service with courtesy.

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    Gic Re India Corporate Member Ltd

    As part of its global business outlook, GIC Re has been providing capacity to Lloyd’s syndicates through quota share capital gearing treaties since 2011. As a capacity provider, since GIC Re was required to have its own Corporate Membership at Lloyd’s, GIC Re acquired I-CAT CCM TEN Ltd, an existing Corporate Member company, in December 2013 and renamed it as GIC Re, India, Corporate Member Ltd, which is registered as a private limited company in the UK and 100% owned subsidiary of GIC Re. The acquisition has the approval of the Ministry and IRDA.

    Life Insurance Corporation Act 1956

    Govt may look to list LIC as part of Modi’s next big-bang reform
  • Law relating to insurance
  • Life Insurance Corporation Act, 1956
  • Life Insurance Business in India was nationalized with effect from January 19, 1956. On the date, the Indian business of 16 non-Indian insurers operating in India and 75 Provident Societies were taken over by Government of India. Life Insurance Corporation of India, Act was passed by the Parliament on June 18, 1956 and came into effect from July 1, 1956. Life Insurance Corporation of India commenced its functioning as a corporate body from September 1, 1956. Its working is governed by the LIC Act. The LIC is a corporate having perpetual succession and a common seal with a power to acquire hold and dispose of property and can by its name sue and be sued.

    Important Provisions of Life Insurance Corporation Act, 1956

    • Constitution
    • Miscellaneous

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    Mcq Questions For Class 11 Business Studies Chapter 3 Private Public And Global Enterprises With Answers

    We have compiled NCERT MCQ Questions for Class 11 Business Studies Chapter 3 Private, Public and Global Enterprises with Answers Pdf free download. MCQ Questions for Class 11 Business Studies with Answers were prepared according to the latest question paper pattern. Practicing these Private, Public and Global Enterprises Class 11 Business Studies MCQs Questions with Answers really effective to improve your basics and learn all the key concepts.

    Lic Launches A Business App For Conversion Of Physical Formats To Digital

    Life Insurance Corporation of India has launched “ANANDA”, a digital application which will facilitate a completely paperless and digital process of taking a policy without the requirement for a face-to-face meeting between the agent and the policyholder through the conversion of physical formats into digital formats. The only prerequisite is that the customerâs mobile number should be mapped with their Aadhaar number. This will also facilitate social distancing and safety for all during the Covid-19 pandemic.

    26 November 2020

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    Types Of Lic Life Insurance Plans

    LIC provides numerous schemes to its policyholders. It offers different schemes for different categories and segments of the Indian economy. It is the largest insurance policy company in terms of the number of policies it has issued to date. Some of the policies are as follows:-

    • LICs Jeevan Pragati

    • LICs Single Premium Endowment Plan

    • LICS Jeevan Lakshya

    Important Financial Institution # 6 Unit Trust Of India:

    LIC of India : Apprentice Development Officer ~ Government ...

    Unit Trust of India is a significant financial institution in India. The objective of setting up UTI was to encourage savings and to make available the benefits of equity investments to small investors to enable them to get a fair return on their investments with the benefit of having trustees to manage their investments.

    UTI started with an initial capital of Rs. 5 crores contributed by RBI, LIC, State Bank of India and other financial institutions. The general supervision, direction and management of the units business is vested in a Board of Trustees consisting of Chairman, Executive Trustee and other Trustee Members.

    Units Scheme:

    UTI sells units under various plans. There are the Unit Scheme 1964, Reinvestment Plan 1966, Childrens Gift Plan, Unit Linked Insurance Plan 1971, Capital Unit Scheme 1976 and Units Income Scheme 1985.

    Unit Trust of India collects the surplus resources of the household through the various unit schemes and invests the amount in those channels in which it is sure of capital growth. Its investments are generally in blue chip companies. Its investments have been mainly in the private sector. It preferred to purchase debentures originally but switched to equities in the seventies.

    Investments:

    It functioned as a monolithic institution in the public sector it had a dominating role to play in the Indian financial system. In India, it has been the sole mutual fund till 1987 and has emerged as a financial conglomerate.

    Capital Market Strategy:

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