Government is going to sell LIC share, know what will happen to crores of policy holders

new Delhi. Finance Minister Nirmala Sitharaman has announced to sell a stake in LIC while presenting the budget on Monday. The government will bring an IPO to sell the stake. While presenting the budget, the Finance Minister announced that two more banks will be privatized. It has not been clear which bank will be privatized. At the same time, the government is also going to sell Life Insurance Corporation of India (LIC), the country’s largest insurance company.

Aim to raise Rs 1.75 lakh crore- In fact, the Modi government has set a target of raising Rs 1.75 lakh crore in FY 2021-22 from stake sale in public sector undertakings and financial institutions. The news of LIC’s stake sale has caused a big stir among policyholders. However, this is not happening for the first time, when such situation is being seen among policyholders.

The safest method of investment People consider investing in LIC as the safest and that is why people buy its policy without any hassle.

Policyholders will not be affected After this decision, the concern of 25 million customers of LIC has increased. But experts say that this decision of the government will not affect the policy holders.

Also read: 14th installment of central government for GST compensation of states, know which states got help

IPO may come in second half The IPO of LIC is expected to come after the second half of the new financial year i.e. October. This information was given by Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management (Deepam).

Government wants to sell these companies too- The government also intends to sell to Shipping Corp of India (SCI), and two other public banks this financial year. Tuhin Kant Pandey said that the government has introduced necessary legislative amendments for disinvestment of stake in Life Insurance Corporation of India (LIC) and IDBI Bank through Finance Bill. The Modi government has set a target of record capital expenditure in the next financial year to get the economy out of the trouble.

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