Bangalore:
Life Insurance Corporation of India (LIC) said that it is in the process of strengthening its omnipresent presence in the country with a view to make itself directly and easily accessible to the large population in the country.
The insurer said that currently, 95% of policyholders come through over 13 lakh LIC agents, while only a small percentage of people buy policies directly online.
“We are expecting our omnichannel presence to grow larger from now on. Currently, 95% of our policyholders are brought into the system through agency channel,” said MD Mini Ipay.
He added that the company is also seeing a rise in digital transactions, with 76 per cent policyholders paying premiums online as against 47 per cent last year.
Rahul Jain, director, investment department, said the initial response to LIC’s IPO announcement was encouraging as around 6.48 crore policyholders had linked their PAN numbers with their policy details by February 28, 2022, along with the cut-off date. Within, said Rahul Jain, director of the investment department. and Public Asset Management (DIPAM) in the Ministry of Finance.
These 6.48 crore policyholders are eligible to participate in the IPO on opening their DMAT accounts. “As of now, through depositories, we understand that around 1.21 crore DMAT accounts have been opened by policyholders,” Mr. Jain said.
LIC policyholders can invest up to ₹ 2 lakh in the reservation category and an equal amount in the retail category. Policyholders will also get ₹60 off and 10% reservation in IPOs.
LIC has fixed a price band of ₹902-949 per equity share. The government intends to raise Rs 21,000 crore through this issue. Bidding will open on 4th May and will close on 9th May.
Being one of the largest life insurance companies in the world, LIC had assets of ₹40 trillion under management as of December 2021. The company sold 21 million policies in calendar 2021.