Recent Current Affairs related to LIC

The Cabinet Committee on Economic Affairs (CCEA) has approved the sale of a 60.72% stake in IDBI Bank Ltd to 10955230 Canada Inc, a subsidiary of Fairfax Financial Holding. Valued at ₹52,878 crore, this proposed transaction marks the largest Foreign Direct Investment (FDI) in the financial sector of India.

LIC (Life Insurance Corporation of India) has launched 3 new insurance plans named ‘New Jeevan Dhara-II (Plan 892)’, ‘Health Shield (Plan 907)’, and ‘New Cancer Cover (Plan 908)’.

These schemes are introduced to provide retirement income, health protection, and financial assistance against cancer risks.

Dinesh Pant and Girija Subramanian have been appointed as the Whole-Time Members of the Insurance Regulatory and Development Authority of India (IRDAI).

Dinesh Pant has been appointed as the Whole-Time Member (Actuary) of the Insurance Regulatory and Development Authority of India (IRDAI) for a period of 5 years.

He took voluntary retirement from the post of MD of the Life Insurance Corporation of India (LIC) to join the IRDAI.

The PM Kisan Maandhan Yojana (PM-KMY) was launched in 2019 as a voluntary and contributory old-age pension scheme to provide social security to Small and Marginal Farmers (SMFs). The scheme is implemented in collaboration with the LIC and has recently completed 7 years of operation.

The PM-KMY offers eligible landholding SMFs in the age group of 18 to 40 years with cultivable land up to 2 hectares a steady monthly pension starting from the age of 60.

Enrolled farmers are required to make monthly contributions ranging from ₹55 to ₹200, depending on their entry age. It is to be noted that as of February 2026, a total of 24.96 lakh farmers have enrolled in the scheme across the country.

LIC (Life Insurance Corporation of India) has launched two new non-linked, non-participating insurance plans named ‘LIC Bima Platinum’ (Plan 770) and ‘LIC Jeevan Raksha’ (Plan 894) on the occasion of the 70th anniversary of LIC in Mumbai.

It is to be noted that the ‘LIC Bima Platinum’ requires a minimum Basic Sum Assured (BSA) of ₹3 lakh with no upper limit. The ‘LIC Jeevan Raksha’ provides a BSA ranging from ₹5 lakh to ₹24 lakh.

The RBI has approved the LIC (Life Insurance Corporation of India) to acquire up to 9.99% of the paid-up share capital or voting rights in HDFC Bank.

It is to be noted that LIC currently holds a 4.11% stake in the bank.

Life Insurance Corporation of India (LIC) has announced two new joint life insurance savings plans named ‘LIC’s New Jeevan Sathi Single Premium’ and ‘LIC’s New Jeevan Sathi Limited Premium’.

These plans, designed for couples, will be available from June 2026. They offer joint life financial protection, guaranteed returns, fixed benefits, and a premium waiver on the first death, along with loan facilities and flexible payout options.

The Life Insurance Corporation of India (LIC) has acquired 26.26 crore equity shares, representing a 2.901% stake, in the Central Bank of India (CBI) through open market purchases. This transaction has increased the total shareholding of LIC in the bank from 3.16% to 6.06%.

The Ministry of Finance (MoF) has notified the “Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2026”, allowing 100% Foreign Direct Investment (FDI) in Indian insurance companies and intermediaries through the automatic route.

It is to be noted that foreign investment in the Life Insurance Corporation of India (LIC) remains restricted to a maximum of 20% under the automatic route.

Life Insurance Corporation of India (LIC) has launched two digital initiatives named ‘LIC’s Customer Application (MyLIC)’ for policyholders and ‘Super Sales Saathi’ for sales intermediaries. The platforms were introduced at an event in Mumbai to enhance the digital experience for customers and streamline operations for sales personnel.