LIC - Current Affairs Questions and Answers

ANSWER: Life Insurance Corporation

Explanation:
Karnataka Bank has entered into an MoU with LIC for selling life insurance products.

The bank signed the corporate agency agreement with LIC in Mangaluru on 22 May.

The bank will be able to provide vast choice of life insurance products to its customers across all its 769 branches with this MoU.

LIC and Karnataka Bank are two great household names and both are time tested entities.

This tie-up will provide an opportunity to provide more effective life insurance solutions to the customers.

LIC will strive hard to create customized insurance solutions for the customers of Karnataka Bank, and is committed for reaching a new benchmark in claim settlement process, he said.

ANSWER: Vinay Shah

Explanation:
Life insurance Corp of India has appointed Vinay Shah as the new managing director and chief executive director of its mortgage loan arm and listed entity LIC Housing Finance, after government elevates Sunita Sharma to managing director of LIC earlier this week.

Shah was executive director.

Shah has been with LIC since 1983. Prior to this assignment, he was executive director marketing. He took over the business as ED in April 2015.

He has looked after areas of new product launches in the last two years. He was zonal manager western zone.

The housing finance company had grown profit by 19.2% during the third quarter.

It has strong asset quality. However, in the past few quarters, developer loan segment has been growing faster than the retail loan growth.

ANSWER: Hemant Bhargava

Explanation:
Hemant Bhargava was appointed as managing director of state-owned Life Insurance Corporation (LIC) of India.

He is at present LIC’s zonal manager, Delhi. The Appointments Committee of Cabinet has approved Bhargava’s appointment to the post till his superannuation, i.e., 31 July, 2019.

The top LIC management consists of the chairman and three managing directors.

LIC already has Usha Sangwan as its managing director and Bhargava will join her as the second MD.

As per the LIC Act, the insurance corporation can have four MDs, apart from the Chairman, as part of its top management.

It is anticipated that one more MD will be appointed. In 2013, LIC functioned with its full strength of four MDs and one chairman after a long duration.

However, Sushobhan Sarkar and SB Mainak retired from the MD post after which two positions were lying vacant.

In 2016, former chairman SK Roy resigned from his post two years before completion of his term.

After this, LIC Managing Director VK Sharma was appointed as the Chairman.

All About LIC

• Headquarters: Mumbai
• Founder: Government of India
• Founded: 1 September 1956
• Owner: Government of India
• Revenue: 88.4 billion USD (2015)
• Total assets: 20.09 trillion INR (2016)
• Subsidiaries: LIC Cards Services, LIC Nomura Mutual Fund etc.

ANSWER: Varishtha Pension Bima Yojana

Explanation:
The scheme will be launched as part of Government’s commitment for financial inclusion and social security.

It will be implemented through Life Insurance Corporation of India (LIC) during the current financial year i.e. FY 2016-17.

It will be open for subscription for a period of one year from the date of launch. Features of Scheme

The aim of the scheme is to provide social security during old age and protect elderly persons aged 60 years and above against future fall in their interest income due to uncertain market conditions.

It will provide an assured pension based on a guaranteed rate of return of 8% per annum for ten years.

It will also have an option to opt for pension on a monthly, quarterly, half yearly and annual basis.

The Union Government will bear the differential return i.e., the difference between the return generated by LIC and the assured return of 8% per annum as subsidy on an annual basis.

LIC: Know More

• Type: State-owned enterprise
• government corporation
• Industry: Financial services
• Founded: 1 September 1956
• Headquarters: Mumbai, India
• Chairman: V.K Sharma
• MD: Usha Sangwan
• Total assets: ₹2,009,119 crore (US$300 billion) (2016)
• Owner: Government of India
• Number of employees: 119,767

ANSWER: VK Sharma

Explanation:
GoI has appointed V K Sharma as the chairman of state-owned Life Insurance Corporation (LIC) for five years.

Sharma, who is the managing director of LIC, was acting as chairman since September 16 when the then chairman S K Roy was relieved of his duties.

The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of VK Sharma, MD, LIC, as chairman, LIC in fixed pay of INR 80,000 (pre-revised) for a period of five years from the date of notification of his appointment or up to the date of his superannuation, or until further orders.

Sharma who joined the body as a direct recruit officer in 1981, served as the CEO of its mortgage subsidiary LIC Housing Finance and zonal manager in charge of the south zone.

LIC

• Stands for Life Insurance Corporation.
• Assets: 22 lakh crore
• Status: largest financial institution in the country.
• Estimated asset value of ?1,560,482 crore (US$230 billion).
• As of 2013 it had total life fund of INR1433103.14 crore with total value of policies sold of 367.82 lakh that year.
• Founded: 1956 through LIC Act