LIC Term Insurance Plans

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LIC was established through the Life Insurance Corporation Act passed by the Parliament of India on 1st September 1956 as a sole life insurance provider in the Indian insurance sector. This makes LICI the oldest and the most trusted Life Insurer in the insurance sector. Among 28 insurance companies in the insurance sector, LICI still enjoys the major part of the market share through an experience of years of efficient service. The company currently has a huge customer base comprising of more than 250 million people and is still providing excellent quality of service standards. The range of products the company offers include different types of term plans, Child Plans, traditional saving plans, ULIPs and pension plans.

What are LIC Term Insurance Plans?

Term insurance plans offer protection to individuals at low cost. The plans promise considerable benefits if the policyholder dies during the tenure of the plan. There is usually no maturity value payable under the plan if the person survives till the end of the tenure. The plan comes cheap and offers high coverage at lower rates of premiums. These plans are called the basic form of insurance since they provide only for the death of the insured during the tenure of the plan and no maturity value.

Why LIC Term Insurance Plans?

Term insurance plans are favoured by people even though there is usually no maturity benefit because it enables people to buy high amount of coverage levels at very low premiums. This way, people can secure their family sufficiently against any loss of income which the family might face in the absence of the life insured. Moreover, with cheaper rates of premiums, these plans are not hard on the pocket and helps people to fund their income replacement requirement easily.

When Should a LIC Term Plan be taken?

It is always a good idea to buy a term plan early on in life. The younger the person is, the cheaper the plan will be for him or her. Also, it is a good idea to buy a term plan earlier because that would ensure the policyholder would be covered for a longer period of time. Since term plans are the cheapest types of life insurance, everyone can afford to have a term plan.

Why should a LIC term plan be bought at an early stage in life?

Buying a term plan at an earlier stage in life is a good idea. This is mainly because of two reasons:

  1. Health – A younger person is always healthier than an older person. The premiums charged for the term plans depend greatly on the age and health of the person and so a younger, healthier person pays a lot less. As a result, buy a term plan when you are younger and healthier to save money.
  2. Saving – If you have your life covered from an early stage, you do not have to worry about a lot of things like saving money for your family members (to use in your absence) and so on. You can then invest the money you earn in other tools like property, savings bonds and so on. This will give you a longer shot at building your wealth up.

Important Things to Consider When Buying a Term Insurance Plan

Term insurance is the only insurance product available in the pure insurance category. A term plan is the most basic life insurance plan since it covers only the risk of death. On the death of the policyholder, the insurance company pays the sum assured to the nominees/beneficiaries. If the policyholder survives the policy term, he/she or his/her nominees do not receive anything. Term insurance is also the cheapest type of insurance available as the premiums go only towards covering the risk on one’s life.

The following things should be kept in mind while buying a term plan:

Coverage

One of the most important things when it comes to buying a term plan is determining the amount of cover required. This depends on many factors, important ones being family’s lifestyle, policy applicant’s current life-stage, responsibilities, liabilities, inflation etc. Assessed meticulously, one will be able to afford the plan such that the family will have sufficient funds in the unfortunate event of the policyholder passing away to continue living comfortably.

Life-Stage and Number of Family Members

One has to understand that a term plan is purchased not for the benefit of the policyholder but that of his/her family. A term plan is bought to secure the financial future of one’s loved ones when one is no longer around. Thus, one has to consider who all are there in the family. The number of members in a family differs at different stages in life. The responsibilities of a single/unmarried person – financial and otherwise, are very different from that of a married person, and from one with children. A term plan should be able to provide for the family members.

Ability to Maintain Lifestyle

The chosen term plan should be such that it should allow the family to maintain the lifestyle they are used to even in the absence of the primary earning member of the family. The insurance amount (sum assured) under the term plan should adequately take into account – inflation, rising costs, expenses and other such factors so that needs and aspirations of the family are taken care of well.

Claim Settlement Ratio

Most prospective buyers of a term plan, for that matter of any life insurance plan, are unaware about it or worse ignore the Claim Settlement Ratio even though it has far reaching ramifications. Simply put, Claim Settlement Ratio or Claim Clearance Ratio is defined as the ratio of claims paid to the nominees by the insurance company and total claims received by it from customers. A higher claim settlement ratio indicates higher chances of the nominee/family receiving the claim amount after the passing away of the policyholder. The ratio is published annually by Insurance Regulatory and Development Authority (IRDAI) and also generally available on the website of the insurance company.

Service Standards and Claim Settlement Process

A life insurance company should have an effective claim settlement process i.e. it should settle claims quickly in a simple hassle-free manner when the policyholder’s family needs help the most. This is important because the family will be under tremendous strain and emotional pain due to the loss of a family member. They require reassurance and support at this crucial time and no unpleasantness in claiming what is due to them. Quality customer service and positive experience at every customer touch point will go a long way in nurturing this long-term customer-insurance company relationship adding trust and credibility.

LIC Term Plans

The Life Insurance Corporation of India has a number of term insurance plans with different features and benefits. LIC online term plans are available on the website of the company which come at low rates of premiums while other LIC term plans are available to be purchased through intermediaries. Let us take a look at the different LIC term plans along with their respective features and benefits:

LIC’s Anmol Jeevan II

A term insurance plan which provides a lump sum in case of death of the insured. This LIC term plan has the following features:

  • In case of death of the life insured during the chosen tenure of the LIC term plan, the death benefit is paid which is equal to the Sum Assured chosen by the policyholder at the time of inception of the policy
  • Being a pure Term Insurance Plan, no benefit will be payable to the life insured on maturity of this LIC term plan if he or she survives the entire duration of the policy
  • Regular premiums have to be paid during the entire term of this LIC term plan
  • LIC’s New Term Assurance Rider can be attached to the basic plan to increase the coverage under this LIC term plan. The rider benefit promises to pay an extra amount which is the rider Sum Assured in case the insured dies during the term of the LIC term plan. Availed with the LIC term plan, the rider promises double the amount of the Sum Assured paid to the nominee in case the policyholder dies during the chosen tenure of this LIC term plan.
  • The amount of premiums paid and the amount of claim received under this LIC term plan are both exempted from tax under sections 80C and 10(10D)
  • Under this LIC term plan, premiums can be paid either annually or semi-annually. By choosing a semi-annual mode of premium payment, the policyholder will have to pay an additional amount of premium which is an extra of 2% of the tabular premium for annual mode of premium payment.
  • In case of suicide committed within 12 months of policy inception or policy revival only 80% of premiums paid are returned to the nominee and no Death Benefit will be paid under the LIC term plan. The provision of payment of 80% of the premium will be applicable only if the LIC term plan is in force meaning that all the due premiums have been paid till the date of suicide.

Eligibility Details

 

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

-

65 years

Policy Term

5 years

25 years

Sum Assured

Rs.6 lakhs

Rs.24 lakhs

Premium Payment Term

Equal to the policy term

Premium Payment Frequency

Yearly or half-yearly

 

Sample Premium Rates

The table below depicts the sample rates of premium calculated under this LIC term plan assuming the Sum Assured to be Rs.10 lakhs. The premium rate is shown varying with the different age of the insured and the different term of the LIC term plan chosen.

 

Age

Term of the Plan

5 years

10 years

15 years

20 years

25 years

20 years

2090

2090

2090

2160

2310

30 years

2310

2370

2650

3020

3540

40 years

3480

4100

5070

6030

7050

50 years

7910

9440

11, 210

-

-

 

LIC’s Amulya Jeevan II Plan

A pure LIC term insurance plan which provides for the payment of the death benefit in case of unfortunate death of the life insured so that the family can take care of their financial needs in the absence of the bread-winner. The features of this LIC term plan are as follows:

  • If the life insured dies during the chosen tenure of this LIC term plan, the death benefit is paid which is equal to the Sum Assured chosen by the policyholder at the time of inception of the policy
  • Being a pure Term Insurance Plan, no benefit will be payable to the life insured on maturity of this LIC term plan if he or she survives the entire duration of the policy
  • Regular premiums have to be paid during the entire term of this LIC term plan
  • Section 80C and Section 10(10D) of the Income Tax Act exempts the amount of premiums paid and the amount of claim received respectively under this LIC term plan from the scope of tax
  • Premiums under this LIC term plan can be paid either annually or semi-annually. By choosing a semi-annual mode of premium payment, the policyholder will have to pay an additional amount of premium which is an extra of 2% of the tabular premium for annual mode of premium payment.
  • LIC’s New Term Assurance Rider can be attached to the basic plan to increase the coverage under this LIC term plan. The rider benefit promises to pay an extra amount which is the rider Sum Assured in case the insured dies during the term of the LIC term plan. Availed with the LIC term plan, the rider promises double the amount of the Sum Assured paid to the nominee in case the policyholder dies during the chosen tenure of this LIC term plan.
  • In case of suicide committed within 12 months of policy inception or policy revival only 80% of premiums paid are returned to the nominee and no Death Benefit will be paid under this LIC term plan. The provision of payment of 80% of the premium will be applicable only if the LIC term plan is in force meaning that all the due premiums have been paid till the date of suicide.

Eligibility Details

 

 

Minimum

Maximum

Entry Age

18 years

60 years

Maturity Age

-

70 years

Policy Term

5 years

35 years

Sum Assured

Rs.25 lakhs

No limit

Premium Payment Term

Equal to the policy term

Premium Payment Frequency

Yearly or half-yearly

 

Sample Premium Rates

The table below depicts the sample rates of premium calculated under this LIC term plan assuming the Sum Assured to be Rs.50 lakhs. The premium rate is shown varying with the different age of the insured and the different term of the chosen LIC term plan.

 

Age

Term of the Plan

5 years

10 years

15 years

20 years

25 years

20 years

5750

5750

5750

5750

5850

30 years

6400

6450

7100

8200

9800

40 years

10, 150

12, 050

14, 850

17, 850

21, 150

50 years

24, 250

29, 250

34, 450

40, 250

-

 

LIC’s e-Term Plan

This LIC online term plan is offered by the Life Insurance Corporation of India (LIC) through its website. The LIC online term plan is a pure term plan which promises the payment of the Sum Assured only if the life insured faces death within the tenure of this LIC plan. The features of the LIC online term plan are as follows:

  • The LIC online term plan is available on the website of the company and can be bought online at lower rates of premiums
  • If the life insured dies during the term of this LIC online term plan chosen by him at the starting of the plan, the death benefit is paid which is equal to the Sum Assured chosen by the policyholder at the time of inception of the policy
  • There will be no maturity benefit payable to the policyholder if he survives till the end of the LIC online term plan tenure because it is a pure LIC term insurance plan
  • Regular premiums have to be paid during the entire term of this LIC online term plan
  • The premiums paid under this LIC online term plan earn tax relief under Section 80C up to Rs.1.5 lakhs and any amount of claim received also earns tax relief under Section 10(10D) of the Income Tax Act
  • The company promises differential premium rates for smokers and non-smoker under this LIC online term plan where non-smokers are rewarded through lower rates of premium. Under the LIC online term plan, differential pricing is applicable for coverages amounts of Rs.50 lakhs and above only and below this amount the premium rate is similar for smokers and non-smokers.
  • LIC’s New Term Assurance Rider can be attached to the basic plan to increase the coverage under this LIC online term plan. The rider benefit promises to pay an extra amount which is the rider Sum Assured in case the insured dies during the term of this LIC online term plan. Availed with the LIC online term plan, the rider promises double the amount of the Sum Assured paid to the nominee in case the policyholder dies during the chosen tenure of this LIC term plan.
  • If the life insured commits suicide within 12 months of buying the LIC online term plan, only 80% of the premiums paid will be returned to the nominee. There will be no payment of the Sum Assured under such a situation.

Eligibility Details

 

 

Minimum

Maximum

Entry Age

18 years

60 years

Maturity Age

-

75 years

Policy Term

10 years

35 years

Sum Assured

Rs.25 lakhs for aggregate category
Rs.50 lakhs for non-smoker category

No limit

Premium Payment Term

Equal to the policy term

Premium Payment Frequency

Yearly

 

Sample Premium Rates

The table below depicts the sample rates of premium calculated under this LIC online term plan assuming the Sum Assured to be Rs.50 lakhs. Under the LIC online term plan, the premium rate is shown varying with the different age of the insured and the different term of the plan chosen and is for the aggregate category which includes smokers.

 

Age

Term of the Plan

5 years

10 years

15 years

20 years

25 years

20 years

4600

4600

4650

5000

5550

30 years

5500

6000

6950

8300

9850

40 years

10, 100

12, 400

15, 000

17, 800

20, 950

50 years

24, 300

28, 600

33, 650

39, 500

-

 

Rates For Non-Smokers

 

Age

Term of the Plan

5 years

10 years

15 years

20 years

25 years

20 years

3150

3150

3250

3500

3950

30 years

3850

4250

5000

6050

7300

40 years

7400

9200

11, 250

13, 450

15, 900

50 years

18, 350

21, 700

25, 650

30, 300

-

 

Applying for a LIC Term Insurance Plan from the company:

 

Online

The company offers the last plan called e-Term Plan which is available online only. The customer only needs to log into the company’s website, choose the required LIC online term plan, choose the coverage and provide the details. The premium of the LIC online term plan will be determined using the filled details. The customer then needs to pay the premium of the selected LIC online term plan online through credit card, debit card or net banking facilities and the policy will be issued.

Intermediaries

LIC term plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

 

LIC Term Insurance Plans – FAQ

1. How to pay a premium? What are the modes of payment available?

The Life insurance Corporation of India Ltd. offers 6 modes of premium payment namely:

  • Cash/Cheque/DD payment at the branch and cash counters
  • Payment at the Axis Bank
  • Payment at the Corporation Bank
  • Online Payment
  • NEFT
  • ECS
  • AP Online
  • MP Online
  • Suvidha Infoserve
  • Easy Bill Pay
  • Premium point by empowered agents
  • Life Plus SBA
  • Retired LIC Employee collection
  • Phone Banking
  • Authorised Service Provider (in selected cities)

For the online payment mode, the policyholder can pay via;

  • Credit Card
  • Debit Card
  • Net Banking

2. How can I check policy status for LIC term insurance plans?

For online registered users, they can check the policy status of their LIC term plan by logging into the e-Portal

For Individual policy enquiry through SMS, Type

ASKLIC < POLICY NO > PREMIUM/REVIVAL/BONUS/LOAN/NOM Send To 56767877

For others, you need to call your city’s branch office (BSNL/MTNL landline) and dial 1251 for IVR support.

Alternatively, visit the branch personally to know the policy status of your LIC term plan.

3. What is the policy renewal process for LIC term insurance plans?

For renewing the LIC term plan online, follow these easy steps;

Step1: Enter your Client ID and Date of Birth to login into e-portal

Step2: Choose the LIC term plan and payment option (Net Banking/Debit/Credit Card)

Step3: Print/save the premium deposit receipt on successful payment completion

Alternatively, you can pay via cash/cheque at any of the nearest LIC branch in your city.

Use the SMS facility too as mentioned above.

To inquire on how to pay offline, you need to call your city’s branch office (BSNL/MTNL landline) and dial 1251 for IVR support.

4. What is the company’s process to settle claim for LIC term insurance plans?

For the claim settlement of any LIC term plan, the nominee can visit the branch personally and the customer service desk will help you there.

5. What is the policy cancellation process for LIC term insurance plans?

For the cancellation of the policy, you can visit the branch personally.

LIC India Term Insurance Plans - Latest News

LIC planning healthier incentives to retain its agents

Life Insurance Corporation of India is planning better incentive schemes for its representatives in order to keep them retained with the corporation. The state-owned insurance provider is planning to employ over 1 lakh agents in this financial year.

Some senior executives at the corporation also confirmed that LIC had lost about 1.5 lakh of its individual agents. The major reasons behind the loss were a less significant number of fresh products and stiff business targets.

According to the data provided by Life Insurance Council, Life Insurance Corporation of India had a close to 10.61 lakh agents as on 31st march 2016 and approximately 11.63 lakh in the FY 2014-15. At present, the corporation has about 22,000 development officers, who are managing individual agents’ teams and their progress.

As per the senior company officials of the company, the attrition has majorly happened due to stiff business targets. Each LIC agent has a set target of selling a least 12 policies per annum. In case of failure in achieving this target the agent gets another year’s time to compensate it. But, in case the same continues for the thirst years, his registration gets cancelled.

Allahabad Bank to issue preferential shares worth Rs. 57 Crore to LIC

One of the major public sector’s lenders, Allahabad Bank is planning to rise more than Rs. 57 Crore in the form of preferential shares to the Life Insurance Corporation of India. This verdict was made during the extraordinary general meeting of the Allahabad Bank. The meeting was held on 30th March 2016.

In a regulatory filing, Allahabad Bank stated that the LIC of India has given its consent to subscribe to about 132 lakh preference equity shares of Allahabad bank. Unit price per share would be ₹43.42 on preferential basis. The purchase would be subject to a 14.5 % cap on the original share capital.

This is only one of the many purchases of equity stakes that LIC has made in the past few months. Apart from Allahabad Bank, LIC has also purchased stakes in State Bank of India, HDFC Bank, Oriental Bank of Commerce, Corporation Bank and Union Bank of India among others.

Mid-Level Management of LIC reorganized this week

Life Insurance Corporation of India has recently undergone a major mid-level change as it has shifted about 40 EDs (executive directors) and elevated 10 GMs as Executive Directors.

The company is expecting two more senior officers to be appointed. This is because, SB Mainak, one amongst its three MDs (managing directors), got retired in the month of February this year. The company has appealed for government permissions to appoint the fourth managing director. However, the result on same is still awaited.

Before the retirement, Mainak was handling the investments division of the company. The initial hring round for the managing director’s position has already been carried out.

The Life Insurance Corporation of India has also retained its two senior Executive Directors – and Saroj Dikhale, CEO, LIC Nomura MF and Sunita Sharma, CE and MD of LICHFL – in their pre-existing positions.

As revealed by the sources, the transfers and changes have come into effect since 11th April, 2016 and the charges will be handed over effective may.

LIC at present is being lead by S.K. Roy, chairman of the company and has only two managing directors, namely, Usha Sangwan and V K Sharma.

MoU to be signed between SIDBI and LIC

A memorandum has been signed between Life Insurance Corporation of Indi and SIDBI (Small Industries Development Bank of India) in order to enhance government’s efforts being put in the fund-of-fund functions for the benefit of venture fund industry.

The major objective behind the memorandum was to promote startups in the country’s economy.

As stated by CMD of SIDBI, Kshatrapati Shivaji, at the SIDBI startup conclave, the MoU has been executed to put in towards the capital of MSME focused venture of SIDBI with IAF (India Aspiration Fund).

SIDBI has setup India Aspiration Fund as a division of the Fund-of-Fund functions. The corpus of IAF is worth Rs. 2,000 Crore as per the 2015 budget announcement.

As mentioned by CMD of LIC, K Roy, Life Insurance Corporation of India will be contribute about 10 % of the corpus size of India Aspiration Fund being handled by SIDBI.

LIC Buys additional Stake in Dena Bank and other Public Sector Lenders

Life Insurance Corporation of India (LIC) recently purchased over 2 crore shares from the leading public sector lender, Dena Bank. With this stake purchase, the insurance company’s stake in the public sector lender has increased to 14.5 percent, which earlier stood at 11.63 percent. On the other hand, the government has got its stake decreased to 62.89 percent, which earlier stood at 65 percent.

Previously, LIC also bought over 4.23 percent stake from Andhra Bank, which is equivalent to 28, 853, 210 shares while keeping the price per unit a secret. Including the current stake purchase, the life insurance company owns over 14.39 percent stake in the bank, which earlier stood at 10.15 percent. This share trading was live on BSE, at Rs. 51.70, which is up 3.50 percent.

LIC Bonds worth Rs. 250 crore with KRCL

LIC recently expressed its interest and has successfully subscribed to a bond worth Rs. 250 crore with KRCL (Konark Railway Corporation Limited). The insurance company aims at enabling a few of the key projects.

At the celebration event of 25th Foundation Day, Suresh Prabhu, Railway Minister unveiled some of these projects, including Konark Railway Route electrification and doubling, and construction of several new passenger terminals and halt stations. As per a press release by KRCL, these projects have been taken up for upgrading the regions by the government of India PSU.

The Chairman & Managing Director of KRCL, Mr. Sanjay Gupta, said that the support offered by Life Insurance Corporation of India is going to go a long way, aiming at assisting the development of projects that are more passenger-friendly.

Life Insurance Corporation of India Buys Additional Stake in ICICI Bank and HDFC Bank

Life Insurance Corporation of India, the largest public sector insurer in India, has increased its stake in ICICI Bank, one of the leading private sector banks in India. This is according to results published regarding the 2015 October to December quarter. LIC is currently considered to be among the top three largest domestic investor purchasing equity on the stock exchange in order to gain benefit from the decline in share prices in India.

Apart from raising its share in ICICI and HDFC Bank, Life Insurance Corporation of India has also sold off part of its stake in key banks such as IndusInd Bank, Bank of Baroda, Bank of Maharashtra, Punjab National Bank, State Bank of Mysore, Vijaya Bank and others. Other banks in which LIC has recently made stake acquisitions recently include IDBI Bank and Corporation Bank.

Life Insurance Corporation of India Makes Acquisitions of Rs. 2750 Crores

Life Insurance Corporation of India, the leading public-sector life insurer in India, has invested an equivalent of Rs. 2750 crores in shares of leading Indian public sector banks. This policy of LIC to purchase shares of these banks has been ongoing for a period of about 4 years and is helping at least 9 public sector banks keep their share prices relatively stable in an environment where most investors are shying away from investing in public banks, which currently hold stressed loans of Rs. 8 lakhs crores.

Recent acquisitions include those made by Life Insurance Corporation of India in Dena Bank, Allahabad Bank, Andhra Bank, Central Bank of India, Indian Overseas Bank, Oriental Bank, Syndicate Bank, Vijaya Bank and IDBI Bank. This trend is expected to continue with more banks expected to undergo similar transactions by LIC. This news comes on the back of finance minister Arun Jaitley announcing that the government would infuse an estimated Rs. 25,000 crores of capital in public sector banks during the 2016-2017 fiscal.

Highway Ministry Likely to get Funds from LIC for Expressways Construction

The Ministry of Road Transport and Highways is intending to draw funds from Life Insurance Corporation of India to fulfill its aspirational development program of expressways while Mr. Nitin Gadkari, the Road Transport Minister of India has already nodded his approval for proposal implementation. The government of India is looking forward to awarding the contract for an estimated 10,000km road construction on expressways, as mentioned in the Union Budget proposal.

Based on this budgetary allocation, the road transport and highway ministry would efficiently build only 7, 000 km of expressways while the remaining portion is subject to the funds or loan approval from the largest financial entity in the country, LIC. Once the funds are approved, the ministry could actually start building its aspirational expressways through this extra-budgetary support.

Life Insurance Corporation to Witness 40% Y-o-Y Decline in Equity Investment Profits

Life Insurance Corporation, the largest life insurer in India, has announced that it expects to witness a 40% decline in Y-o-Y profit on its equity investments during the 2015 to 2016 fiscal year. LIC expects to book a profit of Rs. 15,000 crores for the fiscal year ending 31st March 2016, which is the lowest equity investment return recorded by LIC in the past five years. This decline in LIC’s profits is expected to have an adverse effect on LIC’s valuation surplus.

Valuation surplus is the surplus cash available with the company for distribution to its customers and shareholders who hold policies/bonds that entitle them to a share of profits. Apart from these individuals, lower equity profits will also mean lower dividend receipts by the government as it holds 95% stake in Life Insurance Corporation of India.

IRDA has approved LIC’s move of introducing third option in the gender field of proposal form

Dominating more than 70% of the life insurance industry, the Life Insurance Corporation of India (LIC), has incorporated third gender as a choice in its proposal forms. This has been done in accordance with the verdict of Supreme Court recognizing it in 2014. The buyers of insurance policy, till now, had an option to choose between 'male' and 'female' in the gender field. But, the transgender applicants now have an option to choose the new 'third gender' option.

Considering the dominance of the LIC in the insurance industry, the change is considerable and expected to drive trends in the market. However, except National Pension System, no other insurance or mutual fund company recognizes the third gender. Considerable, this option was included in the Indian Passports in 2005l.

SK Roy, the chairman of LIC, said, that Supreme Court, in a verdict commended by human rights groups, called on the administration to make sure that they (third gender) receive an equal treatment and the advice has been taken up for for implementation.

Life Insurance Corporation of India to Buy Stake in Oriental Bank of Commerce

Life Insurance Corporation of India, the leading government-owned life insurer in India, is all set to buy additional stake worth Rs. 178 Crores of Oriental Bank of Commerce, a leading public-sector bank based out of Gurgaon, India. This is a reduced capital infusion requirement as compared to the Rs. 500 Crores requirement from LIC, which was projected by OBC earlier. In order to enable LIC to purchase this additional stake, OBC will be offering an estimated Rs. 21.5 million shares at Rs. 82.79 for each share.

This additional stake purchase would increase LIC’s holdings in OBC to 14.5% as compared to the 8.36% holding the insurer had earlier. As a result of this purchase by LIC, the central govern-held stake in Oriental Bank of Commerce decreases to 55.17%. This purchase by Life Insurance Corporation of India is expected to be approved by OBC shareholders by March 29, 2016.

Reviews for LIC Term Insurance Plans

TOTAL REVIEWS (2)
Sanjeev
Noida
January 02, 2016

plan

life insurance

Arati
Ahmedabad
December 20, 2015

LIC term plan a best option

After reading an article on best lic policy in 2015 at policybazaar, i inspired so much that I have bought an insurance and would recommend everyone to buy term plan to protect family members.