Life Insurance Corporation of India has filed applications for two new products in the online term insurance segment, Chairman D.K. Mehrotra said.
“We have got one product online. We have made applications for two more products with the insurance regulator. Once it goes through, we will take it online,” he said.
He said that putting money into equity issues of public sector companies is not a bail-out for the Government but purely for investment purposes. LIC will invest about Rs 2-2.2 lakh crore in the markets this year, including equity and debt. Equity investments alone will be to the tune of Rs 45,000 crore, he added.
In the last fiscal, LIC had invested about 1.95 lakh crore in the markets. “At the moment, my estimate is that pharmaceuticals, fast moving consumer goods, banks and information technology are good sectors to invest in,” he said.
The housing finance unit of LIC plans to complete the qualified institutional placement, which it had announced earlier, by this year end.
“We have already appointed merchant bankers. Most likely, the process of fund raising will be completed by this year end,” V.K. Sharma, Chief Executive, LICHFL, said.
We need capital to support LICHFL’s growth over the next financial year. Some 4.6 crore shares will be placed with the QIPs, he said.