Finance Minister Nirmala Sitharaman on Monday introduced the budget, announcing the sale of a stake in LIC, the country’s largest public sector insurer. This is causing concern among policyholders.
Finance Minister Nirmala Sitharaman on Monday introduced the budget, announcing the sale of a stake in LIC, the country’s largest public sector insurer. The government is bringing in an IPO to sell its stake. Union Finance Minister Nirmala Sitharaman has announced that two more banks will be privatized during the budget. It is not clear which bank will be privatized. At the same time, the government said it was going to sell the country’s largest insurance company – Life Insurance Corporation of India (LIC). This caused concern among policyholders.
Rs. 1.75 lakh crore mobilization target.
The Modi government has decided to raise Rs 1.75 lakh crore in the 2021-22 financial year from the sale of shares in public sector undertakings and financial institutions. The news that LIC is selling its stake has caused a stir among policyholders. Many people consider it safe to invest in LIC. With this many people take those policies with confidence. LIC’s sales decision has provoked concerns among the company’s 250 million customers.
There was a heated debate over what effect the government’s decision would have on them. But experts say the government’s decision will have no effect on policyholders. They make it clear that clients need not worry about this. However, shares in Life Insurance Corporation (LIC) will be sold after October this year, said Tohin Kanta Pandey, secretary of the Department of Investment and Public Asset Management.
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