ISSUE DATE: March 22, 2021
UPDATED: March 15, 2021 12:48 IST
Illustration by Nilanjan Das
Its acronym, LIC, and its logo have been iconic symbols of financial security for Indians born before the new millennium. Even now, 290 million, or one in five, Indians are insured by the government-owned Life Insurance Corporation. It still controls 66 per cent of the country’s life insurance market even though private insurers, allowed into the fray in 1999, have now been around for over two decades. LIC is a financial behemoth like no other in the country, overshadowing even the State Bank of India (SBI). It has 4,955 offices across the country, many of them occupying prime real estate. It directly employs 108,000 people, besides 1.3 million agents across the country, and has assets under management ofRs 36 lakh crore, making it a megacorp three times the size of Reliance Industries, India’s largest private sector company.
The IPO of Easy Trip Planners, the company that operates online travel portal easemytrip.com, was subscribed over 2.3 times on Monday, the first day of the issue. On Friday, the company allotted Rs 229 crore worth of shares–45 per cent of the total issue size of Rs 510-crore to anchor investors. HSBC, Nomura, Aditya Birla Sunlife Insurance, Sundaram MF and Bajaj Allianz Life Insurance were some of the investors allotted shares. Easy Trip has set a price band of Rs 186-187 per share. The IPO is entirely an offer for sale by promoters Nishant Pitti and Rikant Pittie, who will offload shares worth Rs 255 crore each. Retail investors portion for the IPO is only 10 per cent as against typical 35 per cent for other IPOs.
ईजी ट्रिप प्लानर्स आईपीओ: ईजी ट्रिप प्लानर्स ने आईपीओ से पहले एंकर निवेशकों से जुटाए ₹229 करोड़ indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Bajaj Allianz Life Insurance on Wednesday launched an insurance plan offering a guaranteed regular deferred annuity during post-retirement life. There is a funding gap in the post-retirement life and lots of people will not be earning but would need funds, so this is a grave issue that needs to be addressed, said Bajaj Allianz Life MD and CEO Tarun Chugh while announcing the launch of Bajaj Allianz Life Guaranteed Pension Goal plan. The life insurer said the plan is designed to fill the gap of the pension needs of various categories of people, which has nine different variants in the offing.
Bajaj Allianz Life Insurance launches annuity plan - The Hindu BusinessLine thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.