Do you also deposit money in LIC, find out what the government does with the money you deposit?
The government has announced in the budget to bring in an IPO of LIC, the country’s largest state-owned insurance company. It is believed that the government can get a large amount through the IPO of LIC. In fact, LIC’s network is the largest in the country and the government wants this network to be used by IPOs.
Speaking of employees, millions of people have joined the company. Of which the number of agents alone is more than 12 lakh. But we will tell you what the government does with the money you deposit in LIC. As of December 2019, the company’s total investment is over Rs 30.55 lakh crore. Of which Rs 648 crore. The stakes are held by various corporations of the Government of India, the remaining amount belongs to the policyholders.
Your money is invested here
As on December 31, 2019, 67 per cent of the company’s total investment is Rs 20.6 lakh crore. The company has invested in different ways.
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Out of Rs 20.6 lakh crore, the company has invested about Rs 2 lakh crore in approved bonds.
About Rs 4.7 lakh crore has been invested in equity shares.
1 lakh crore has been invested in various investment properties.
The remaining amount is invested in mutual funds, subsidiaries and other debt securities.
Last year alone, about Rs 21,000 crore was invested in LIC in a partnership with IDBI Bank.
How big is the network
Life Insurance Corporation has more than one lakh employees. If we talk about agents, this number is out of 12.08. In terms of policies alone, LIC has about 28.92 crore policies in the endowment, term insurance, children, pension, micro insurance market. In the financial year 2019-20, the company has recorded a growth of 25.17 per cent in premium income. LIC has a market share of over 75% in the insurance market. The premium market share alone is over 68 per cent.
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When will the IPO come?
The initial public offering of the Life Insurance Corporation of India is expected to come after October this year. The government aims to raise Rs 1.75 lakh crore in the next financial year from the disinvestment program to revive the epidemic-hit economy and finance projects.
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The government will sell these companies
In her budget speech, Finance Minister Nirmala Sitharaman said that BPCL, Air India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML, Pawan Hans, Nilachal Ispat Nigam Limited will come up with an IPO in the next financial year. The privatization process of Air India, BPCL, Pawan Hans, BEML, Shipping Corp (SCI), Nilachal Ispat Nigam Limited and Ferro Scrap Corporation Limited (FSNL) has also been initiated.
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