In a recent development, The Budget 2021-22 was announced by the finance ministry of India. Amidst the various announcements, there came some surprising revelations during the tabling of Budget 2021-22 in relation to the IPO of Life Insurance company in the fiscal year as announced by the Finance Minister of our nation, Nirmala Sitaraman. Life Insurance Corporation of India is the largest life insurance forum in India and continues to give outstanding performance as well as returns over these several years, even during the times of economic distress.
In 2020-21 Life Insurance Corporation has achieved more than ₹25,000 crores in the first year premium income in Individual New Business performance as of September 30th, 2020 as compared to ₹24867.70 crores as on 30th, 2019.
Under it’s Jeevan Shanti Plan, LIC collected over a sum total of ₹11,456.41 crores as the first year premium as recorded until 30th September, 2020.
With these huge figures and tremendous returns, LIC stands as one of the top priority insurance companies of Asia and holds a minimum rank in world marketing too. Giving unrealistic bonuses, with high returns as well as providing economic safety at times of distress, LIC has been able to establish a strong face all throughout the nation, with excellent tax exemption records. Thus with this, the new budget of 2021-22 aims to strengthen the governmental role and it’s standing in the public sector through LIC with a significant hold of IPO in pursuit of a record of success.
