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Showing posts with label LIC. Show all posts
Showing posts with label LIC. Show all posts

Tuesday, 28 February 2017

19:47

Life Insurance Corporation Of India Posted robust growth of 12.43% in the Total Premium Income

Life Insurance Corporation Of India Posted robust growth of 12.43% in the Total Premium Income

Mumbai: February 27,2017

Life Insurance Corporation of India’s total gross income of nine months ending December 2016 grew by 15.76% to 337465 cr. against Rs.291511 cr. last year. The new business performance of the corporation saw an impressive increase of 40.11% in first premium while the corporation posted robust growth of 12.43% in the total premium income at Rs145031cr compared to Rs1, 29,001 cr. during the previous year.

The total assets also showed a phenomenal growth to Rs2441946 cr. as opposed to Rs2164652 cr. the previous year which is an increase of 12.81%.  The Corporation has added more than 44000 agents to the rolls.

Addressing the gathering, Mr. V.K. Sharma, Chairman, LIC of India stated that, on the occasion of Dimond Jubilee, LIC launched a special plan, ‘Bima Diamond’ Corporation. Corporation sold over 5,86, 000 policies under the plan collecting over 322cr. premium. He further said that, corporation has recorded healthy results based on its strong fundamentals and core values. Trusted customers across the country have supported and enabled LICto report a robust financial performance.

About LIC
Life India Corporation has eight zonal offices, 113 divisional offices and 2048 branch offices all over the nation The headquarter is in Mumbai,  Maharashtra; while 1403 satellite offices and 1238 mini offices serve the nation.

The corporation which was started with an initial capital of rs.5 cr. subsequently raised to Rs.100 cr. has built a formidable institution with assets worth over 24 Lac cr. Today, LIC has servicing about 29 crore policies.

PIB/ SA (BG)

Source:PIBMUMBAI

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Tuesday, 27 October 2015

21:18

LIC Presents the Cheque of Rs.2000 crore as the First Tranche of Funding Assistance to Railways

LIC Presents the Cheque of Rs.2000 crore as the First Tranche of Funding Assistance to Railways

The move Marks the Beginning of a Historic Milestone in the form of Institutional Financing for the First time Becoming Available for Railway Projects

Suresh Prabhu : Fresh Investments to Help Decongest the Network, Increase Traffic Output and Generate Adequate Internal Resources

Life Insurance Corporation (LIC), a PSU of Government of India presented the cheque of Rs.2000 crore to Railway PSU Indian Railway Finance Corporation (IRFC) as the first tranche of funding assistance to Railways for its projects. This handing over of cheque was done today i.e. 27.10.2015 at an impressive function at Rail Bhawan in the presence of Ministry of Railways Shri Suresh Prabhakar Prabhu. The cheque was handed over by Shri S.B. Mainak, MD/LIC to Shri Rajiv Dutt, MD/IRFC. On this occasion, Chairman Railway Board Shri A.K. Mital, Financial Commissioner (Railways) & Chairman, IRFC Shri S. Mookerjee; and other Board Members & other Railway and LIC officials were among those present.

It may be recalled that just within fifteen days of presenting the Railway Budget 2015-16, an important commitment of Budget announcement was fulfilled on 11.03.2015 when Railways and LIC signed an MoU for the highest ever funding of Rs. 1.5 lakh crore from LIC to Railways. 

Addressing the gathering, Minister for Railways Shri Suresh Prabhakar Prabhu, pointed out that finding resources for investment in capacity enhancement projects was a major challenge for Railways. Without investment, it would not be possible to decongest the network, increase traffic output and generate adequate internal resources. He said that without the fresh investment, the Railways would have gone further down and down and it would not have succeeded in breaking the vicious cycle. The Railway budget 2015-16 had, therefore, envisaged a new source of funds in the form of Institutional Finance. It was a big achievement that within a few days of presenting the budget, the Ministry of Railways signed a Memorandum of Understanding with LIC for funding assistance of Rs.1.5 lakh crore for financing Railway projects over a period of 5 years. As LIC funding will be of 30 year tenor, it matches the Railways’ requirement of long term funds for investment in projects.

LIC funds will carry low interest rates tied to Government security, and the cost of funds are expected to come down further over a period of time. Shri Suresh Prabhakar said that an important beginning has been made today with the release of first cheque of LIC funds. It is now for the Railways to match up to the challenge of utilizing the funds in a productive and appropriate manner for realizing maximum benefit. He said that these funds will not only meet the requirement for the new railway projects but will also be utilised for those ongoing projects which will bring quick benefit to the railway system. He said that this arrangement of funds from LIC will be beneficial for both the organizations. Referring to Railway PSU IRFC, Shri Suresh Prabhu said that IRFC has now emerged as an important vehicle for channelizing investment for Railways. 

In his speech, MD/LIC Shri Mainak described it as a Golden Day as LIC has found a partner in the Indian Railways which is a viable and sound organization for investing the long term funds available with LIC. MD/LIC offered continued support for Railway projects in future. 

The LIC funds are available to the Railways at a rate of 30 bps over the 10-year benchmark yield. The tenor is 30 years with a moratorium of 5 years followed by payment of only interest from year 6 to year 10. From the 11th to the 30th year the loan will be repaid in equated instalments. 

Advisor Finance, Railway Board, Shri P.V. Vaidialingam proposed the Vote of Thanks at the end of the programme. Ms. Namita Mehrotra, Executive Director Finance (Resource Mobilization) Railway Board, conducted the proceedings of the programme. 

 Source: PIBNEWS.
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07:12

LIC to buy corporate bonds worth Rs 2,000-cr from Indian Railways

LIC to buy corporate bonds worth Rs 2,000-cr from Indian Railways 

MUMBAI: India's largest insurer and national transporter are set to kick off their funding journey with a bilateral bond deal. 

LIC would subscribe to about Rs 2,000 crore worth of corporate bonds from the Indian Railways this week in what's the beginning of a Rs 1.5 lakh crore investment deal over the next five years. These 30-year maturity bonds are likely to yield 30 basis points more than the government benchmark bond, said three people familiar with the matter. 

"While the insurer would benefit in terms of credit quality, the funding will help the railways carry out long-term projects," one of the executives cited above told ET, adding that the deal would be announced in a day or two. Going by the average benchmark in the past few weeks, such bonds may yield anything between 8.75 and 8.85%. 

The bond deal is seen more of a loan at a concessional rate, the permission for which has been taken from the Reserve Bank of India. Indian Railway Finance Corp (IRFC), which is the financing arm of the Indian Railways, is likely to offer Rs 17,200 crore worth of such bonds to LIC this financial year. Funds would be channelised by the railways for capacity expansion and longterm projects. 

The ministry also intends to fasttrack sanctioned works on 7,000 km of double/third/fourth lines and commission 1,200 km in 2015-16 at an investment of Rs 8,686 crore. 

Long-term funds are essential to revamp the ailing network as banks alone cannot meet such huge requirements. Other pledges that need to be met include bullet trains and air-conditioned local trains for Mumbai. 

IRFC, a government-owned triple-A rated entity, is also likely to float tax-free bonds for a few thousand rupees even as the institution is discussing with investment bankers ways to sell rupee-denominated offshore bonds. "Ensuring a pipeline of investments is the only way the railways can create new capacities and bring in the necessary upgradation," Deepak Parekh, chairman of HDFC, had written. 

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Monday, 12 October 2015

18:21

LIC Wage Revision : No Strike on 14.10.2015 – Final talks on 16th, 17th October 2015


LIC Wage Revision : No Strike on 14.10.2015 – Final talks on 16th, 17th October 2015

The Joint Forum of Unions in LIC met on 29th of September 2015 at Pune and decided the following programme of action to realise satisfactory wage revision and one more option for pension:

1) Lunch hour demonstrations 6th and 13th October, 2015.
2) ONE DAY STRIKE ON 14th October, 2015.
3) Lunch hour demonstrations on 16th & 18th November, 2015.
4) TWO DAYS strike on 19th and 20th November 2015.

And following the agitation, LIC management has called NOINO and all joint front constituents for final discussion on wage revision. The talks are at Mumbai on 16th & 17th October 2015.

In view of above invitation for talks, it has been decided by all constituent unions in Joint Forum to suspend the current agitational programmes (including strike action on 14th October 2015).

Source :Cgemployees
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Wednesday, 2 September 2015

18:22

Railway Minister infuses life into railways with Rs 1.5 lakh crore LIC loan

Railway Minister infuses life into railways with Rs 1.5 lakh crore LIC loan 

NEW DELHI: The railways have finally identified the projects that will be funded by the Rs 1.5-lakh-crore loan that Life Insurance Corporation (LIC) has extended to the cash-strapped organization for the next five years.

Railway officials claim that the organization is under close scrutiny of Prime Minister Narendra Modi, who thinks that a robust railways can greatly contribute to the country's economy. 

"He is personally reviewing the progress of critical railway projects and urging the ministry to hasten the speed of implementation," a senior Railway Board official told ET.

Initially struggling to identify projects to be funded by the LIC, the railways have now shortlisted 24 corridors for expansion and strengthening from the loan money.

The railways had signed an MoU with LIC in March to meet its capital requirement for network decongestion and expansion by 2019. Railway officials say though there is "endless work" to be done in railways, it took them time to find projects for LIC since the insurer was keen to invest only in financially viable projects that earned a rate of return (RoR) of at least 14% every year. 

"Since the priority of railway minister Suresh Prabhu is network decongestion, 24 congested corridors have been identified where LIC funds will be utilized. Most of the sections in the corridors will yield a high RoR, going as high as 48% like the Rajkharsawan-Sini section in the Howrah-Mumbai corridor," explained another official.

The identified corridors include the golden quadrilateral—Howrah-Channai, Delhi-Howrah, Howrah-Mumbai, Delhi-Chennai, Chennai-Mumbai and Mumbai-Delhi. In addition, some other corridors have been identified like the highly congested Amritsar-Ludhiana-Saharanpur-Moradabad-Lucknow-Sultanpur-Zafrabad-Mughalsarai-Varanasi route. 

"The Mughalsarai section of Northern Railway is by far the worst section as far as congestion is concerned. It is over utilised by 150% of its capacity," the railway official said. 

"The minister's priority was to pick choked corridors and decongest them by capacity augmentation. This is necessary for improving the safety of railway network too," he added. 

The railways are confident that the work will be completed as per laid down timelines. "This is the first time that railways have assured funding for capacity enhancement projects. 

In the past, the problem has been lack of consistent funding. A few lakh or a couple of crores were earmarked for projects every year that needed a much higher sustained investment.

So, the cost of project kept increasing and the deadline kept getting pushed," explained an official from engineering department dealing with projects.

An official spokesperson said that the minister was also tracking the projects closely using IT for online monitoring of the progress of the projects 

 Source :The Economic Times

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Tuesday, 28 July 2015

17:51

Memorable pleasant surprise Gift from Advertisers to the Train Passengers - Railway Minister

NEW DELHI:Train journeys are going to be filled with pleasant surprises. As part of the Indian Railways’ new promotional policy, passengers will be offered free goodies and discount vouchers during their journey. And no, the cash-strapped Railways won’t have to pay the bill for the freebies; in fact, it will help them earn a revenue of several crores of rupees without spending a paisa.

Railways Minister Suresh Prabhu, a chartered accountant, hit upon the idea to help the country’s largest public transporter improve its fiscal health while improving the traveller’s train experience. Passengers travelling by Kalka Shatabdi and New Delhi-Amritsar Shatabdi under the Northern Railway division have been the luckiest as products like Sensodyne toothpaste and Titan discount vouchers are being given to them for the last one month. 

“I loved it. This approach from advertisers is new and interesting. The size of products may not be big, but it was a pleasant surprise gift,” says Amarjeet Singh, who was traveling from Amritsar to Delhi on the Shatabdi this week.

The move   comes after a study by RITES, a Mini Ratna Central Public Service Enterprise under the Ministry of Railways, found that the Railways has a potential to earn Rs 10,000 crore a year just by selling advertising space in coaches, wagons and stations. The outreach of such a campaign is huge as the Railways operates 13,000 trains on 63,000 km of track every day, ferrying 23 million passengers, equivalent to the population of Australia. 

This is how it works. The catering licensees of around 8,000 premium trains like Rajdhani, Shatabdi, Duronto, mail and express trains have been authorised for advertising rights and promotional advertising campaigns in their contracts. The Railways has streamlined the system and the license fee charged per year includes revenue for such rights. The licensee has to pay a fee every year while the catering contract is for five years. 

As per the new standard bid document, caterers are expected to pay the Railways a fixed amount per year per train at the time of bidding for licensing under promotional advertising campaigns. The amount varies from train to train ranging from Rs 4 lakh to Rs 10 lakh per year per train. So, the Railways’ earnings would be somewhere between Rs 400 crore to Rs 800 crore annually.

“Licensees may be permitted to undertake promotional advertising campaigns for the benefit of travelling passengers subject to authorisation from the Railways before the commencement of each campaign,” said a senior Railways officer.

Caterers can tie up with companies for distributing samples of their products for free to passengers. But the Railways has put a clause that caterers must seek permission about the products to be distributed, and prohibited items like tobacco, cigarettes or alcohol  are not allowed. Also,  no audio, video material, stickers or anything that may damage to the Railways property shall not be permitted.

Advertisers who are always looking for new ways to attract eyeballs are finding trains a good proposition to woo the middle class and upwardly mobile. Firms have found innovative ways to engage passengers like a Test Your Oral Health pamphlet in which travellers are asked three questions on oral hygiene and are asked to rate themselves on a scale of 1 to 5.  The move is a win-win for companies and the Railway. While there is zero cost to the Railways as train attendants distribute products, firms will get a huge audience.

The Indian Railways is banking on extra budgetary support of Rs 8.5 lakh crore during 2015-18 to complete its pending projects. The Life Insurance Corporation of India (LIC) has already pledged Rs 1.5 lakh crore in the next five years to the Railways
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Monday, 1 June 2015

16:17

Mosmetrostroy saga: Chennai Metro Rail work resumes after AFCONS steps in

Mosmetrostroy saga: Chennai Metro Rail work resumes after AFCONS steps in

Chennai (MAS): Metro rail authorities have asked AFCONS Infrastructure, which is building tunnels under Poonamallee High Road, to take over the incomplete work on the tunnels under Anna Salai after Mosmetrostroy JV abandoned it recently.

Chennai Corporation had earlier asked Gammon, that had a tie-up with the Russian company, to complete the work abandoned by its JV partner. Officials wanted Gammon to hire tunnel technicians to continue the work. “AFCONS has started doing some emergency work like maintaining equipment and pressure of the boring machines as they have experience in tunnel work. We told them to step in temporarily to complete the work,” said a senior official of metro rail. AFCONS  has expertise in metro tunnels as they started off their metro projects by building tunnels in Kolkata.

He said that discussions were on with AFCONS to find out if they would be able to take over the work fully for Gammon. “They are assessing the quantity of work that will have to be done if they have to take over the abandoned work site and the unfinished line between LIC and Gemini,” he added. The move comes after Gammon said that it does not have the expertise to complete the tunnel work. “We do not want the work to get delayed if Gammon did not act on our instructions. The underground tunnel work is already behind schedule and with Mosmetrostroy abandoning the work will affect the schedules further. The priority is to get the work going rather than trying to pull up the contractors,” said an official.

Meanwhile, Gammon officials are hoping to hear from Mosmetrostroy and are waiting for metro rail to take a call on completing the rest of the tunnels that needs to be built.

“We have not received clear instructions from metro rail about continuing the work. They have to take a call. Metro rail has contacted the Russian consulate. We expect officials of the company to return as they have financial liability to fulfill,” said a official from Gammon.

The withdrawal of Mosmetrostroy has delayed the work. Pace of tunnel boring is unpredictable. It depends on the soil condition and the quality of buildings on the surface. It took five months for metro rail’s contractors to bore 2km of tunnels. At this pace, a break in the work will cause serious delay which is expected to push deadline for commissioning of metro rail line along Anna Salai by more than three years.
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Wednesday, 27 May 2015

06:30

HARBOUR LINE PASSENGERS SLAM RLY’S STEP-MOTHERLY TREATMENT

HARBOUR LINE PASSENGERS SLAM RLY’S STEP-MOTHERLY TREATMENT

Fed up with stuffy and rickety trains, delayed services and pathetic station amenities, Harbour Line commuters have accused the railways of step-motherly treatment despite the corridor registering the highest passenger growth among suburban networks.

While new Siemens and Bombardier rakes are being run on Central Railway's Main Line and Western Railway's network, respectively, Harbour Line is stuck with old nine-car trains that are slower and poorly ventilated.

Harbour Line stations are being upgraded to accommodate 12-car trains, but the work is progressing at a tardy pace. Sources in CR said that even after the platforms are extended, Harbour Line would be the last among suburban networks to get more coaches and services.

Between 10 lakh to 12 lakh people travel by Harbour Line trains every day. In the past five years, the number of commuters using the corridor has increased by 9 to 10 per cent. During the same period, Western Line and CR's Main Line registered 3 to 4 per cent growth.

"All the platforms on Harbour Line will be upgraded by next year. But it will take some time to introduce 12-car trains as there are not enough rakes," a senior railway official said.

Navi Mumbai resident Amol P Nikam, who works at Infosys's Churchgate office, said that every day, he encountered huge crowds on the Kurla-Mankhurd stretch. "Harbour Line is in a mess. CR should reopen Kurla station's platforms nine and 10, which are currently not being used, to ease crowding," he said.

Kharghar resident Jessy Jojy said that the trains on Harbour Line were so bad that many coaches don't have proper seats. "Recently, covers of all the seats in a ladies compartment had been ripped off. Iron nails were protruding from the seats," Jojy said.

"There is no security at stations. At Govandi, people can board a train from two sides, and many people walk into the ladies compartment to get to the other side."

Another Navi Mumbai resident Kunal Khairnar said that fans rarely worked in Harbour Line trains. "It's suffocating, especially in summer. Imagine sitting in such trains, which are packed, for an hour straight," he said. Some have now started calling Harbour Line as the "Rotten Line".

Shikha Yadav, who boards a train from GTB Nagar every day, said that Harbour Line services were always late. "There are no indicators giving minute by minute updates on Harbour Line platforms. Main Line and WR stations have such indicators," she said. "There hardly any passenger facilities at stations."

Kurla resident Roy Jacob, a financial advisor with LIC, said that every day there was overcrowding at the Harbour Line platform at Kurla station. "During peak hours, you can't even stand without being pushed. It's so crowded that you fear that you will fall onto the tracks," he said. "The railways need to take do something urgently to improve the situation."

MNS leader Milind Panchal, who lives in Sewri, wondered why CR was not investing more effort and funds on Harbour Line. "Why are Harbour Line commuters getting this step-motherly treatment?" he said.

Source:Mumbai Mirror.
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Wednesday, 11 March 2015

20:59

Life Insurance Corporation Signed MOU with Railways

Highest Ever Funding of Rs. 1.5 Lakh Crore for Railways – MoU Signed with LIC 

A Big Step Forward to make Indian Economy more Robust: Suresh Prabhu 

Just within fifteen days of presenting the Railway Budget 2015-16, the Minister of Railways Shri Suresh Prabhakar Prabhu fulfilled yet another commitment of his Budget announcement by achieving the highest ever funding of Rs. 1.5 lakh crore for Railways. In this historic landmark achievement, a Memorandum of Understanding (MoU) was signed between the Ministry of Railways and Life Insurance Corporation (LIC) in the presence of the Minister of Finance Shri Arun Jaitley and the Minister of Railways Shri Suresh Prabhakar Prabhu at a function here today. The signatories of MoU were Smt. Rajalakshmi Ravikumar, Financial Commissioner, Ministry of Railways and Shri S.K.Roy, Chairman, LIC. 

Speaking on the occasion, the Railway Minister said that this is the first such step in its endeavour to make Indian Railways prosperous in the future. He said that with such encouraging initiatives, the Ministry of Railways will be able to augment its resources for speedier execution of projects. Shri Suresh Prabhu said that the resultant enhanced throughput of traffic is likely to further increase the capacity to carry more to meet with a growing transportation demand leading to a robust economy. He thanked the officials of the Finance Ministry, LIC and the Railway Ministry for working together as a team to make this deal a big success. 

Under this MoU, LIC will make available to the Ministry of Railways/its entities a Financial Assistance with a limit of 1,50,000 crore over the next five years for implementing Railway projects. The Financial Assistance will be available from the Financial Year 2015-16. In his Budget Speech, Shri Suresh Prabhu had announced his intention of meeting a part of the total Plan Budget of Rs 1,00,011 crore for the financial year 2015-16, through extra budgetary resources, such as market borrowings by tapping low cost long term funds. The challenge has been successfully met in a substantial measure by the signing of this MoU for mobilising resources. 

There would be a five-year moratorium on interest and loan repayment and the rest of the terms would be negotiated while signing the finance assistance agreement. 

The Minister of State for Finance, Shri Jayant Sinha, the Minister of Railways, Shri Manoj Sinha were also present on the occasion. Also present on the occasion, among others, were Shri A.K.Mital, Chairman, Railway Board, Shri Hasmukh Adhia, Secretary (FS), Railway Board Members and senior officials from Ministry of Finance, Ministry of Railways and LIC. 

Earlier, just a few days after the presentation of Railway Budget 2015-16, the Minister of Railways Shri Suresh Prabhakar Prabhu fulfilled commitment of his budget announcement by launching a ‘Customer Complaint Web Portal and Mobile Application’. This ‘Customer Complaint-cum-Suggestion’ portal and mobile App which can be freely downloaded, is very useful as one can track the status of the complaints which he or she registered on this portal with the help of mobile App. Soon after his taking over as the Minister of Railway,, Shri Suresh Prabhu started the process of welcoming suggestions from the people to further improve the passenger services and valuable suggestions on this newly launched portal can be incorporated in all possible ways, if found suitable. 

Source : PIB
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