The Life insurance pot of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance assiduity in India. Over 245 insurance companies and provident societies were intermingled to produce the state- possessed Life Insurance Corporation of India.
As of 2019, Life Insurance Corporation of India had total life fund of ₹28.3 trillion. The total value of vended programs in the time 2018 – 19 is ₹21.4 million. Life Insurance Corporation of India settled 26 million claims in 2018 – 19. It has 290 million policy holders.
LIC invests in sectors similar as banks, cement, chemicals and diseases, electricity and transmission, electrical and electronics, engineering, construction and structure, presto- moving consumer goods, finance and investments, healthcare, hotels, information technology, essence and mining, motor vehicles, and ancillaries, Oil and natural coffers, retail, textiles, transportation, and logistics.
India's largest IPO will happen on May 4th, with a closing date of May 9th. The anchor investment opens on 02 May 2022. The central government was originally slated to sell about 5% of its stake, but it brought the share sale down to 3.5%. The price range for equity shares is Rs 902 to Rs 949.
Employees and retail investors will get a discount of Rs 45 per share, while policyholders will enjoy a discount of Rs 60 per share.
In 2022-2023 budget officials announced that, up to 10 per cent of the LIC IPO issue size would be reserved for its policyholders. LIC officials inform to its policyholders to update their PAN card details, so they can avail the advantage in the proposed public offer.
If you are a LIC policyholder and going to apply for upcoming LIC IPO then you need a Demat account and also your PAN card details must be updated on your policy records.
The IPO aims to utilize the net proceeds towards the following purposes;
| IPO Opening Date | 4 May 2022 |
|---|---|
| IPO Closing Date | 9 May 2022 |
| Issue Type | Book Built Issue IPO |
| Face Value | ₹10 per equity share |
| IPO Price | ₹902 to ₹949 per equity share |
| Market Lot | 15 Shares |
| Min Order Quantity | 15 Shares |
| Listing At | BSE, NSE |
| Issue Size | 221,374,920 Eq Shares of ₹10 (aggregating up to ₹21,008.48 Cr) |
| Offer for Sale | 221,374,920 Eq Shares of ₹10 (aggregating up to ₹[.] Cr) |
| Retail Discount | Rs 45 per share |
| Employee Discount | Rs 45 per share |
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Net Offer |
| Basis of Allotment Date | May 12, 2022 |
|---|---|
| Initiation of Refunds | May 13, 2022 |
| Credit of Shares to Demat Account | May 16, 2022 |
| IPO Listing Date | May 17, 2022 |
To Bid online, you need
Demat Account and Pan card.
Login to SMC account and
select the LIC IPO
Enter UPI Id & Mobile number
Place your number of bids
with the exchange
A UPI mandate is sent to your
UPI App to block your funds.
