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HomeBusinessPradhan Mantri Jeevan Jyoti Bima Yojana Holders Eligible For LIC IPO: Chairman

Pradhan Mantri Jeevan Jyoti Bima Yojana Holders Eligible For LIC IPO: Chairman

Pradhan Mantri Jeevan Jyoti Bima Yojana holders are additionally eligible to avail LIC IPO’s advantages

New Delhi:

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) subscribers are additionally eligible to avail the quota advantages reserved for the Life Insurance Corporation (LIC) policyholders, the insurance coverage behemoth’s chairman M R Kumar mentioned on Monday.

As per the draft crimson herring prospectus submitted by LIC with the markets regulator SEBI not too long ago, 10 per cent of the entire LIC share provide will probably be saved reserved for the LIC policyholders. There are additionally speculations about reductions. However, the LIC has not but introduced any plan for providing reductions to the policyholders within the proposed preliminary public provide (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 mentioned in a digital interplay with media individuals.

The PMJJBY is an insurance coverage scheme launched by the prime minister for individuals within the age group of 18 to 50 years. Risk protection underneath this scheme is for Rs 2 lakh in case of dying of the insured, on account of any motive. The premium is Rs 330 every year. The scheme is being provided by the Life Insurance Corporation of India and all different life insurers who’re prepared to supply the product on comparable phrases with mandatory approvals and tie-up with banks for this objective.

Mr Kumar mentioned the IPO will probably be available in the market throughout the present fiscal and itemizing can also be anticipated by March-end.

“Valuation is currently going on and right now we can’t predict how much money LIC will get by diluting its 5 per cent stake,” he mentioned.

LIC’s IPO is predicted to acquire regulatory approval by the primary week of March after which an indicative advertising worth band will probably be set, the LIC chairman mentioned.

Mr Kumar mentioned LIC is well-capitalised and doesn’t require any contemporary capital infusion. “Going forward, if there is any growth capital requirement, we will approach not only the govt but all the shareholders,” he mentioned.

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