September 23, 2014 5:34 AM ET

Insurance

Company Overview of Life Insurance Corporation of India

Company Overview

Life Insurance Corporation of India provides life insurance products in India and internationally. The company offers insurance, pension, unit, special, and micro insurance plans; groups schemes, withdrawn plans, and health plans. It provides its products through its branch or divisional offices, and agents. The company was founded in 1956 and is based in Mumbai, India. It has branch, divisional, zonal, and satellite offices in India.

Yogakshema

West Wing

4th floor

Jeevan Bima Marg

Mumbai,  400021

India

Founded in 1956

Phone:

91 22 2202 2151

Fax:

91 22 2202 8943

Key Executives for Life Insurance Corporation of India

Managing Director
Managing Director and Executive Director
Age: 58
Managing Director
Age: 56
Chief Executive of Pension Fund
Age: 62
Chief Executive of JBS AMC - Central Office
Compensation as of Fiscal Year 2014.

Life Insurance Corporation of India Key Developments

CBI Reportedly Plans To Divest Stake In IL&FS

Central Bank of India (BSE:532885) (CBI) seeks to divest 9.846 million shares (8.34%) of Infrastructure Leasing and Financial Services Limited (IL&FS) to raise about INR 8.6 billion, sources told FE. CBI is in the process of selecting an investment banker, with SBI Capital Markets among those in the fray. "We had bought the shares at the face value INR 10 and, now, the valuation we expect is close to INR 870 per share," a CBI senior official said. He added that CBI planned to sell 4% of its stake to Life Insurance Corporation of India for INR 5.81 billion.

HP’s Plan To Sell MphasiS Stake May Take Time

Hewlett-Packard Company (NYSE:HPQ) (HP) may sell stake in MphasiS Limited (BSE:526299). According to senior official close to the matter, HP’s plan to sell 60.49% stake in MphasiS will take more time, as possible buyers including private equity players and IT-BPO service companies do not seem to be very keen. According to the news report, HP has approached bankers in order to sell its stake worth INR 53.7 billion. According to the report, HP spokesperson said the company ‘does not comment on rumor or speculation.’ A senior executive stated, “HP's initial plan was to take its stock holding in Mphasis to 90%, get it de-listed and leverage it more for its own outsourcing requirements.” Baring Private Equity Partners (India) Ltd., Life Insurance Corporation of India, Bajaj Allianz Life Insurance Company Limited, The India Fund, Inc. (NYSE:IFN), and Aberdeen Global -Indian Equity Fund, together own around 30% stake in MphasiS. Mphasis share price rose 3.65% on the Bombay Stock Exchange on July 2, 2014.

Life Insurance Corporation of India Launches New Online Term Plan

Life Insurance Corporation has announced that it has launched an online term plan. Term insurance plans are pure protection plans where the sum assured is paid on the death of a policyholder, with no benefits to be paid on maturity of a policy. They are much cheaper when bought online, as no commission has to be paid to agents.

Recent Private Companies Transactions

Type
Date
Target
Private Placement
July 17, 2014
Punjab and Sind Bank
Private Placement
June 18, 2014
United Bank of India
Private Placement
June 12, 2014
Central Bank of India
 

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