Pradhan Mantri Jeevan Jyoti Bima Yojana Holders Eligible For LIC IPO: Chairman

New Delhi: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) subscribers are moreover eligible to avail the quota benefits reserved for the Life Insurance Corporation (LIC) policyholders, the insurance coverage protection behemoth's chairman M R Kumar said on Monday.As per the draft purple herring prospectus submitted by LIC with the markets regulator SEBI simply these days, 10 per cent of the general LIC share present will doubtless be saved reserved for the LIC policyholders. There are moreover speculations about reductions. However, the LIC has not however launched any plan for offering reductions to the policyholders inside the proposed preliminary public present (IPO)."I want to clarify that the policyholders of PMJJBY are also eligible to apply in our IPO as the scheme is offered by LIC," Mr Kumar said in a digital interaction with media people.The PMJJBY is an insurance coverage protection scheme launched by the prime minister for people inside the age group of 18 to 50 years. Risk safety beneath this scheme is for Rs 2 lakh in case of lack of lifetime of the insured, as a consequence of any trigger. The premium is Rs 330 yearly. The scheme is being offered by the Life Insurance Corporation of India and all totally different life insurers who're ready to produce the product on comparable phrases with important approvals and tie-up with banks for this goal.Mr Kumar said the IPO will doubtless be on the market all through the current fiscal and itemizing can be anticipated by March-end."Valuation is currently going on and right now we can't predict how much money LIC will get by diluting its 5 per cent stake," he said.LIC's IPO is anticipated to accumulate regulatory approval by the first week of March after which an indicative promoting worth band will doubtless be set, the LIC chairman said.Mr Kumar said LIC is well-capitalised and would not require any modern capital infusion. "Going forward, if there is any growth capital requirement, we will approach not only the govt but all the shareholders," he said.