LIC Is the Eighth Largest Global Insurer
Total assets of LIC (Life Insurance Corporation of India) stand around $507.33 billion as of 2021, making it the eighth largest insurer worldwide. At present, Ping An Insurance of China is the largest insurer in terms of total assets, followed by Allianz SE, Germany and AXA SA of France. Ping An Insurance had assets of around $1.38 trillion, Allianz SE $1.27 trillion, and AXA SA $965.51 billion in December 2020.CAGR of LIC was 8% from FY2017 to 21. Only insurance companies that surpassed the growth were Ping An Insurance and Samsung Life Insurance Company, with a CAGR of 14% and 9% correspondingly.
Different policies
LIC assistant notification 2022 pdf states the exam date, syllabus and pattern of the exam. The insurance company is vigilant about recruiting the right employee to continue its growth and service. LIC operates a number of life policies; the most traditional one is an endowment which is a perfect blend of saving and life coverage. The premium of such a plan is mostly invested in government securities, thus considered a low-risk plan. The whole life plan covers the life span of the policyholder; on the demise of the insured, family members receive the assured sum with a bonus if applicable. The money-back plan comes with periodic pay-outs; the amount is a certain proportion of the sum assured. Premiums of such plans are higher than the endowment plan.
A term plan covers the life risk of the insurer for a specific period. The demise of the policyholder with the term plan entitles the family of the deceased to receive the sum assured. Pension plans are a mixture of saving and insurance. After the completion of the policy term, the insurer pays the sum assured one time or in instalments. ULIPs are a high return investment plan as a major part of the premium is allocated to market-related instruments, and the rest goes to life coverage.
IPO
The 21,000 crore IPO (Initial Public Offer) of LIC is the biggest issue in the Indian equity market; the previous two biggest issues were Pay tm and Coal India. Universally it is the fifth-largest IPO in the calendar year 2022. The subscription was mostly from domestic mutual funds such as Axis mutual fund, SBI mutual fund and Aditya Birla Sun Life mutual fund. Contribution from foreign mutual funds amounts to roughly INR1, 600 crores. Over INR 8,500crore worth of shares were set aside for retail investors, policyholders and employees of LIC. Discount over the issue price for policyholders was INR 60, and that of retail investors was INR 45 per equity share.
Human resource
LIC assistant notification 2022 pdf clarify about the prelim and main exam date and centre. A flourishing insurance sector is crucial for a modern market-oriented economy. Human resource is an important aspect of insurance companies, and LIC practices the best norms of the industry. Insurance policy encourages saving practice and covers life risk of rural, urban entities and productive individuals. The chief advantage of insurance companies is the cash flow is unvarying, while the settlement is deferred and contingency related. The huge cash resave makes them the biggest investor in long gestation infrastructure projects in developed and developing nations.
