Getty ImagesLIC Chairman M R Kumar said that subscribers of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are entitled for a discount in LIC's initial public offering (IPO) via the Policyholder Reservation Portion. "PMJJBY is a part of it, and reservations (for policyholders) will be available," Kumar said in a media interaction, stated a PTI news report.
LIC provides or administers the PMJJBY government program. According to the Draft Red Herring Prospectus (DRHP) released last week, an eligible policyholder's maximum bid amount under the Policyholder Reservation Portion will not exceed Rs 2,00,000.
According to PTI, “ policyholders having one or more policies of LIC as on the date of DRHP and bid/offer opening date and who are residents of India would be eligible to apply in this offer, under the Policyholder Reservation Portion.”
The total number of reservations for eligible policyholders shall not exceed 10% of the total offer size. The portion of the offer that can be allocated to eligible policyholders on a proportionate basis is subject to the government's approval, PTI said.
According to LIC DRHP FAQ, “I am having a Pradhan Mantri Vaya Vandana Yojana policy. Whether I am eligible to apply for the Equity Shares of the Corporation in the Offer?” Yes, all policies other than group policies qualify for Bidding in the Policyholder Reservation Portion.
Pradhan Mantri Jeevan Jyoti Bima Yojana
The cover under PMJJBY is for death only and hence benefit will accrue only to the nominee. PMJJBY is a pure term insurance policy, which covers only mortality with no investment component. For a premium of Rs 330 per annum per subscriber, PMJJBY offers renewable one-year life insurance of Rs 2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any circumstance.
The Rs. 2 lakh life insurance policy will be valid for a year, from June 1 to May 31, and will be renewable. The annual premium is auto-debited in one instalment from the subscriber's bank account on or before the 31st May of each annual coverage term under the scheme, as per his option.
PMJJBY is available to people in the age group of 18 to 50 years (life cover up to age 55) having a savings bank account who give their consent to join and enable auto-debit.
LIC provides or administers the PMJJBY government program. According to the Draft Red Herring Prospectus (DRHP) released last week, an eligible policyholder's maximum bid amount under the Policyholder Reservation Portion will not exceed Rs 2,00,000.
According to PTI, “ policyholders having one or more policies of LIC as on the date of DRHP and bid/offer opening date and who are residents of India would be eligible to apply in this offer, under the Policyholder Reservation Portion.”
The total number of reservations for eligible policyholders shall not exceed 10% of the total offer size. The portion of the offer that can be allocated to eligible policyholders on a proportionate basis is subject to the government's approval, PTI said.
According to LIC DRHP FAQ, “I am having a Pradhan Mantri Vaya Vandana Yojana policy. Whether I am eligible to apply for the Equity Shares of the Corporation in the Offer?” Yes, all policies other than group policies qualify for Bidding in the Policyholder Reservation Portion.
Pradhan Mantri Jeevan Jyoti Bima Yojana
The cover under PMJJBY is for death only and hence benefit will accrue only to the nominee. PMJJBY is a pure term insurance policy, which covers only mortality with no investment component. For a premium of Rs 330 per annum per subscriber, PMJJBY offers renewable one-year life insurance of Rs 2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any circumstance.
The Rs. 2 lakh life insurance policy will be valid for a year, from June 1 to May 31, and will be renewable. The annual premium is auto-debited in one instalment from the subscriber's bank account on or before the 31st May of each annual coverage term under the scheme, as per his option.
PMJJBY is available to people in the age group of 18 to 50 years (life cover up to age 55) having a savings bank account who give their consent to join and enable auto-debit.
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