LIC IPO: Pradhan Mantri Jeevan Jyoti Bima Yojana subscribers eligible for IPO discount? Know truth | Personal Finance News

New Delhi: The Life Insurance Corporation (LIC) of India, on Tuesday (February 22), declared that subscribers of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are not eligible for a discount on the first public share ( IPO) of state-owned insurance giant.

LIC recognizes that PMJJBY is a membership insurance product and therefore its subscribers are not entitled to receive IPO shares at a discounted rate. Earlier, LIC Chairman MR Kumar noted that PMJJBY subscribers are entitled to the benefits available to policyholders.

“PMJJBY is part of that and reservation will be there (for policy owners),” Kumar said, according to a PTI report. However, LIC has now stated in the statement that “your information was accidentally mentioned”.

PMJJBY was launched in 2015. The program offers a one-year renewal coverage of Rs 2 lakh to all bank account holders in the age group of 18-50 years, covering death for any reason, per Premium of Rs 330 per year per subscription. Currently, PMJJBY is provided or supervised by LIC.

According to the Red Herring Prospectus Draft submitted last week with SEBI, LIC estimates that the maximum amount under the Privacy Policy by the regulator should not exceed Rs 2,00,000 (net of debtor’s debt). Also Read: NSE, BSE to introduce T + 1 stock distribution from February 25: All you need to know

The document also notes that policy holders who have one or more LIC policies such as DRHP date and unlock / supply date and who are residents of India will be eligible to apply in this provision, under Partition Privacy Policy. Also Read: RBI asked the NBFC to implement a major financial services solution by September 2025

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