Latest news with #LICofIndia
Hans India
13-06-2025
- Business
- Hans India
LIC Announces Relaxed Claim Rules for Air India AI 171 Crash Victims' Families
After the tragic Air India AI 171 plane crash in Ahmedabad on June 12, 2025, LIC of India announced special help for affected families. The crash took many lives, including passengers, crew, and people nearby. To make claims easier, LIC will accept government records or proof of compensation instead of death certificates. This will speed up the claim process and provide quick financial support. LIC has promised that it will process claims fast. It further mentioned that it will reach out to decacased family members. Claimants can visit their nearest LIC branch or call 022 68276827 for assistance. This step shows LIC's care and strong commitment to support victims' families during tough times.
United News of India
13-06-2025
- Business
- United News of India
LIC announces relaxations for victims of Air India plane crash in Ahmedabad
Hyderabad, June 13 (UNI) LIC of India expressed deep grief over the death of on-board passengers and crew members of Air India flight AI 171 and also people on the ground who were killed due to the plane crash in Ahmedabad on Thursday. In a statement on Friday, LIC said it is committed to supporting those affected and will expedite claim settlements to provide financial relief. The Insurance company announced many concessions to mitigate the hardships of the claimants of LIC Policies. Instead of death certificates, any evidence in Government Records of the death of the policyholder due to the plane crash or any compensation paid by the Central/State Government /Airline Authorities will be accepted as proof of death. All efforts will be taken to ensure that the claimants are reached out to and claims are settled expeditiously for the affected families. For further assistance, the claimants may contact the nearest Branch/Division/Customer Zone. The claimants may also call call centre -022 68276827 UNI KNR BD
Hans India
08-06-2025
- Business
- Hans India
Sat Pal Bhanoo to hold charge as MD & CEO of LIC for next 3 months
Life Insurance Corporation of India Managing Director Sat Pal Bhanoo has been entrusted with the financial and administrative powers and functions of the state-owned life insurer's CEO & MD, with the term of incumbent Siddhartha Mohanty ending on June 7, according to an LIC statement issued on Sunday. "Sat Pal Bhanoo, Managing Director, LIC of India has been entrusted with the financial and administrative powers and functions of the Chief Executive Officer and Managing Director of the Life Insurance Corporation of India (LIC) for a period of three months with effect from June 8, 2025 up to September 7, 2025 or till assumption of charge of the post by the regular incumbent, or until further orders, whichever is the earliest," the LIC statement said. The arrangement has been made as per the letter of the Ministry of Finance's Department of Financial Services, dated June 7, the statement said. LIC is currently undergoing a leadership transition. Ratnakar Patnaik and Dinesh Pant have been appointed as the two new Managing Directors from June 1 to replace their outgoing colleagues as part of a broader reshuffle within the LIC's top management. Pant, who was an Executive Director in LIC, has been appointed to the post till May 2027. Patnaik, who was the Chief Investment Officer, has been appointed till March 2028. LIC made a net profit of Rs 48,151 crore for the financial year 2024-25 as compared to Rs 40,676 crore for the year ended March 31, 2024, thereby registering an increase of 18.38 per cent. The Board of Directors have recommended a final dividend of Rs 12 per share for the financial year 2024-25, subject to approval of shareholders. The country's largest life insurer registered a new business premium to the tune of an impressive Rs 2,26,669.91 crore in FY25, which includes a record Rs 62,404.58 crore from individual new business. Individual new business premium for FY25 registered a growth of 8.35 per cent year-on-year basis, the figures showed. However, the group premium during the financial year fell by a marginal 0.40 per cent, to Rs 1,64,265.34 crore from Rs 1,64,925.89 crore last year. For FY25, LIC sold 1.78 crore new policies, despite the introduction of new surrender value norms effective from October 1, 2024.
Hans India
30-05-2025
- Business
- Hans India
LIC secures BSI certification
Hyderabad: LIC of India, the leading public sector Insurer, has been awarded the ISO 22301:2019 Business Continuity Management System (BCMS) certification from the British Standards Institution (BSI) reaffirming that the Insurer's Operational Resilience, Business Continuity Planning and Risk Management capabilities are consistent with global best practices.
United News of India
29-05-2025
- Business
- United News of India
LIC receives BSI Certification
Hyderabad, May 29 (UNI): LIC of India, the leading Public sector Insurer, has been awarded the ISO 22301:2019 Business Continuity Management System (BCMS) certification from the British Standards Institution (BSI). The ISO 22301:2019 BCMS accreditation recognises the Insurer's ability to maintain robust business continuity practices, ensure uninterrupted services even during unforeseen disruptions, and effectively manage risk, the insurance company said in a release on Thursday. ISO 22301:2019 is an international benchmark for business continuity management, focusing on minimizing operational disruptions and ensuring swift recovery in times of crisis. Achieving this certification enhances LIC's reputation as a resilient organisation that is well-prepared to ensure continuity of services even in the face of unexpected challenges that may arise and serve customers seamlessly. Speaking on this milestone, Siddhartha Mohanty, CEO & Managing Director, LIC said, " Receiving the prestigious ISO 22301:2019 certification stands as a testament to our commitment to ensuring business continuity in the face of any disruptive events and safeguarding the interests of our stakeholders, further strengthening confidence in LIC." "Security and resilience have always been central to LIC's operational philosophy," stated Tablesh Pandey, Managing Director, LIC. "Achieving ISO 22301 certification underscores our unwavering dedication to safeguarding the interests of millions of policyholders by ensuring secure, uninterrupted services, and consistently enhancing our preparedness against disruptions," Pandey added . UNI KNR BD
