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Delhi News

LIC eases claim process norms for Odisha train accident victims


By Press Trust of India: National insurer LIC on Saturday announced many relaxations for the claim settlement process for the victims of the Balasore train tragedy. The accident involving two passenger trains and a stationary goods train has led to the loss of life of at least 288 people so far and left over 1,100 injured.

In a late evening statement, LIC chairman Siddhartha Mohanty announced a slew of relaxations to the claim settlement process for the kin of the victims.

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“We are deeply saddened by the tragic train accident in Balasore, Odisha on Friday. LIC is committed to supporting those affected and will expedite claim settlements to provide financial relief”, Mohanty was quoted as saying in the statement.

ALSO READ | What is the Kavach system and could it have helped avert the Odisha train accident?

The Corporation also announced many concessions to mitigate the hardships of the claimants of LIC policies and also of the Pradhan Mantri Jeevan Jyoti Bima Yojana. It said in lieu of registered death certificates, a list of casualties published by the Railways, police or any state or Central authorities will be accepted as proof of death.

The Corporation has also set up a special help desk and a call centre number (022-68276827) at the divisional and branch levels to respond to claim-related queries and for providing assistance to claimants.

All efforts will be taken to ensure that the claimants are reached out and claims are settled expeditiously to the affected families, the statement said.

ALSO READ | AAP slams Centre over Odisha train tragedy, says rail safety protocols not implemented
ALSO READ | Govt issues advisory to airlines on ‘surge in fares’ after Odisha train accident



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Delhi News

LIC Q4 net profit surges over 5-fold to Rs 13,191 cr


Insurance behemoth LIC on Wednesday posted a more than five-fold jump in consolidated net profit to Rs 13,191 crore for the fourth quarter ended March 2023.

The insurer had earned a profit of Rs 2,409 crore in the same quarter a year earlier.

However, the total income of the insurer during the March quarter declined to Rs 2,01,022 crore from Rs 2,15,487 crore in the same period of the previous fiscal, LIC said in a regulatory filing.

LIC’s income from first-year premium also came down to Rs 12,852 crore against Rs 14,663 crore in the same quarter previous fiscal.

The income from renewal premiums in the reporting period rose to Rs 76,328 crore compared to Rs 71,473 crore a year ago, while the single premium decreased to Rs 43,252 crore from Rs 58,251 crore.

For the entire financial year 2022-23, LIC registered a multi-fold rise in net profit to Rs 35,997 crore from Rs 4,125 crore in the previous financial year.

The board of LIC has recommended a final dividend of Rs 3 per equity share with a face value of Rs 10 each for the year ended March 31, 2023.

Shares of the LIC closed at Rs 593.55 or 0.61 per cent higher on the BSE.

Last year, the government raised Rs 20,557 crore by diluting its 3.5 per cent stake in the LIC through the initial public offering (IPO), the country’s biggest ever.

LIC shares were listed at a discount of 8.62 per cent at Rs 867.20 apiece on BSE over the issue price of Rs 949 a share.

Shares of the LIC closed at Rs 593.55, down 0.61 per cent on the BSE. Investors have lost nearly Rs 2.5 lakh crore since the listing of shares.

The government sold over 22.13 crore shares or a 3.5 per cent stake in LIC through the IPO. The price band of the issue was Rs 902-949 a share. However, shares were allocated to investors on May 12, 2022, at the upper end of the price band.





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LIC Videos

3 Best LIC Pension Plans | Insurance Policy | PolicyX



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This video explains the details of 3 LIC Best Pension Plans in Hindi. Will know about Stable Income and Retirement Plans.
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Delhi News

LIC plans to increase agent strength by 40%, ramp up HR systems



India’s largest insurer is also looking to revamp its human resources systems in its drive to make the oldest insurance company more technologically advanced, said people aware of the development



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