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LIC had received refund orders for assessment years 2012- 13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20 aggregating to 25,464.46 crore.
In this regard, Income Tax (IT) department has released Rs 21,740.77 crore on 15 February 2024. The life insurer said that it is pursuing for the balance with the IT Department.
Meanwhile, LIC announced that it has launched a new product LIC’s Amritbaal, which is non-linked, non-participating, individual, savings, life insurance plan available for sale from 17 February 2024.
LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country.
The state-run life insurer’s standalone net profit surged 49.1% to Rs 9,444.41 crore on 4.67% rise in total premium income to Rs 1,17,016.92 crore in Q3 FY24 over Q3 FY23.
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