INSUBCONTINENT EXCLUSIVE:
Pradhan Mantri Jeevan Jyoti Bima Yojana holders are also eligible to avail LIC IPO's benefitsNew Delhi: Pradhan Mantri Jeevan Jyoti Bima
Yojana (PMJJBY) subscribers are also eligible to avail the quota benefits reserved for the Life Insurance Corporation (LIC) policyholders,
regulator SEBI recently, 10 per cent of the total LIC share offer will be kept reserved for the LIC policyholders
There are also speculations about discounts
However, the LIC has not yet announced any plan for offering discounts to the policyholders in the proposed initial public offer (IPO)."I
want to clarify that the policyholders of PMJJBY are also eligible to apply in our IPO as the scheme is offered by LIC," Mr Kumar said in a
virtual interaction with media persons.The PMJJBY is an insurance scheme launched by the prime minister for people in the age group of 18 to
Risk coverage under this scheme is for Rs 2 lakh in case of death of the insured, due to any reason
The premium is Rs 330 per annum
The scheme is being offered by the Life Insurance Corporation of India and all other life insurers who are willing to offer the product on
similar terms with necessary approvals and tie-up with banks for this purpose.Mr Kumar said the IPO will be in the market during the current
by diluting its 5 per cent stake," he said.LIC's IPO is expected to obtain regulatory approval by the first week of March after which an
indicative marketing price band will be set, the LIC chairman said.Mr Kumar said LIC is well-capitalised and does not require any fresh
"Going forward, if there is any growth capital requirement, we will approach not only the govt but all the shareholders," he said.
