Last update: February 19, 2024 14:21 IST
Life Insurance Corporation of India (LIC) opened in morning trading on BSE on Monday.
LIC has also launched Amritbaal, aimed at parents looking to build higher education for their children in the long term.
Life Insurance Corporation of India (LIC) surged 2% on the National Stock Exchange on February 19 afternoon after receiving a refund of Rs 21,740.77 crore from the Income Tax Department on February 15, 2024. The refund is for the 2012 tax year. -13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20.
The total refund was Rs 25,464.46 crore. However, the income tax department released Rs 21,740.77 crore in February. The company is seeking balance with its departments.
At 1:30 pm, the stock was trading at 1,056.55 rupees on the National Stock Exchange, up 1.61% from the previous trading day's closing price. The stock price has surged 17% over the past month.
The insurance company also launched a new product called Amritbaal on February 17. It is a non-linked, non-participating, individual, savings life insurance product. It is aimed at parents who want to build higher education for their children in the long term.
According to a press release from LIC, “LIC Amritbaal has been specifically designed to have an adequate corpus to meet the higher education and other requirements of children. Minimum entry age is 30 days, maximum age is 13 years.
“This plan is specifically designed to ensure that your child has adequate resources to meet his or her higher education and other needs. If the policy is in force, corpus accumulation is facilitated through additional coverage at the rate of Rs 80 per basic amount assured at the end of each policy year from the start of the policy till the end of the policy period.” The life insurance behemoth said:
LIC reported a standalone net profit of Rs 9,444 crore in the third quarter of 2024 for the quarter ended December 2023. This profit was 49 per cent higher than the Rs 6,334 crore posted in the last year's quarter.
Net premium income in the third quarter increased 5% year-on-year to Rs 1.17 million, compared to Rs 1.11 million in the corresponding quarter last year.
For the nine months ended December 2023, LIC reported a net profit of Rs 26,913 crore, up from Rs 22,969 crore in the nine months of the previous fiscal.
On the technical front, LIC's Relative Strength Index (RSI) is 62.8, indicating that it is not trading in overbought or oversold areas. The stock's beta is 0.6, indicating low one-year volatility. The stock price of LIC is trading above its 5-day, 20-day, 50-day, 100-day and 200-day moving averages.