Last Updated: February 19, 2024, 14:21 IST
Life Insurance company of India (LIC) jumped in morning offers on BSE on Monday
LIC additionally launched Amritbaal, which is geared toward mother and father who want to construct the next training for his or her youngsters over the long run.
Life Insurance Corporation of India (LIC) jumped 2 per cent on February 19 afternoon on the National Stock Exchange after the insurance coverage agency acquired a refund of Rs 21,740.77 crore from the Income Tax Department on February 15, 2024. The refund is for evaluation years 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20.
The whole quantity of refund was Rs 25,464.46 crore. However, the Income Tax division launched Rs 21,740.77 crore in February. The company is pursuing a stability with the division.
At 1.30 pm, the inventory was buying and selling at Rs 1,056.55 on the National Stock Exchange, up 1.61 per cent from the earlier shut. In the previous month, the inventory has surged 17 per cent.
The insurer additionally launched a brand new product, Amritbaal, on February 17. It is a non-linked, non-collaborating, particular person, and financial savings life insurance coverage plan. It is geared toward mother and father who want to construct the next training for his or her youngsters over the long run.
According to LIC’s press launch, “LIC Amritbaal is specifically designed to have an adequate corpus to meet the higher education and other needs of the child. The minimum entry age is 30 days age, and the maximum age is 13 years.
“The plan is specifically designed to have an adequate corpus to meet the higher education and other needs of the child. It facilitates an accumulation of corpus through guaranteed additions at the rate of Rs 80 per thousand basic-sum assured at the end of each policy year from the inception till the end of the policy term, provided the policy is in force,” the life insurance coverage behemoth mentioned.
In Q3 FY24, LIC reported a standalone web revenue of Rs 9,444 crore for the quarter ended December 2023. The revenue was up 49 per cent from Rs 6,334 crore posted within the final 12 months quarter.
The web premium revenue for the third quarter rose 5 per cent 12 months-on-12 months to Rs 1.17 lakh crore, in contrast with Rs 1.11 lakh crore within the corresponding quarter of the earlier 12 months.
For the 9 months ended December 2023, LIC reported a web revenue of Rs 26,913 crore, up from Rs 22,969 crore within the corresponding 9 months of the earlier fiscal.
In phrases of technicals, the relative energy index (RSI) of LIC stands at 62.8, signalling it’s neither buying and selling within the overbought nor within the oversold territory. The inventory has a beta of 0.6, indicating low volatility in a 12 months. Shares of LIC are buying and selling greater than the 5-day, 20-day, 50-day, 100-day and 200-day transferring averages.
