LIC to acquire 51% stake in IDBI Bank

The Life Insurance Corporation (LIC) gave approval to the acquisition of up to 51% stake in debt-ridden IDBI Bank. This was informed by Economic Affairs secretary S C Garg. Now, the state-owned LIC will approach market regulator SEBI on the matter. The LIC stake buy will help the IDBI get a capital support of 10,000 to 13,000 crore rupees.

IRDAI gives nod to LIC to buy stake in IDBI

Insurance Regulatory and Development Authority of India has approved a proposal by LIC to raise its stake in IDBI Bank up to 51% from current 10.82%. It will save government from having to infuse more funds into IDBI Bank, which had received Rs 10,610 crore last fiscal, the most by any public-sector bank. The acquisition will be seen only as an investment & LIC will gradually lower its stake

Telangana, LIC sign MoU for life insurance

Telangana government and the LIC signed a MoU for the implementation of a Rs five lakh life insurance scheme for the benefit of farmers in the state. The scheme will be implemented from August 15. The agriculture department alone would implement the scheme and the AEOs (Agriculture Extension Officers) should get the insurance papers filled up by farmers before August 15.

Insurance cover for all Telangana farmers

Telangana government has announced that it would provide life insurance cover of Rs 5 lakh each to all farmers in the state. The Telangana government has tied up with LIC for implementation of the scheme. Irrespective of the reasons due to which a farmer dies, the insured amount of Rs 5 lakh shall be paid to the nominee proposed by the insured farmer within 10 days of the claim.

Karnataka Bank, LIC ink pact

Karnataka Bank Ltd has entered into a memorandum of understanding (MoU) with Life Insurance Corporation (LIC) of India for selling life insurance products of LIC. LIC is the largest insurer of the country with a death claim settlement ratio of over 99.90%. The bank will be able to provide vast choice of life insurance products to its customers across all its 769 branches with this MoU.

LIC International launches co-branded credit card with UAE’s First Gulf Bank

India’s LIC International and Abu Dhabi -based First Gulf Bank are planning to introduce a unique co-branded credit card in the United Arab Emirates to address concerns of insurance policy holders. It is first of its kind payment solution. This is the first time that an insurance firm has entered into a strategic alliance with a bank in the gulf country..