Eid-Ul-Fitr 2025: India's largest life insurance giant, LIC India will be open on weekend and during the Eid-Ul-Fitr holiday on Monday. In its latest update, LIC announced that all its offices will operate normally on March 29, March 30, and March 31. This comes at a time when RBI has declared bank holidays during Eid. Even the stock market will be closed on March 31.
LIC Offices:
In its notification, the government-backed insurer said, the offices of LIC of India under the jurisdiction of Zones and Divisions will be kept open for normal operations as per official working hours on March 29, March 30, and March 31, 2025, in order to avoid any hardship to the policyholders.
It added the decision is in line with the advisory issued by Insurance Regulatory and Development Authority of India (IRDAI) dated March 12, 2025.
As of December 31, 2024, LIC sold about 1,17,10,505 policies in the individual segment during the nine months of FY25. This is a decline of 6.73% from policies of 1,25,56,046 sold in 9M of FY24.
As per the financial result, Individual New Business premium income for nine months period ended December 31st, 2024 was Rs. 42,441 crores as compared to Rs 38,679 crore for the nine months period ended December 31st 2023, registering an increase of 9.73%. The Individual Renewal premium income for nine months period ended December 31st, 2024 was Rs. 1,78,975 crores as compared to Rs 1,71,040 crore for the nine months period ended December 31st 2023, registering an increase of 4.64%. The Total Individual Business Premium for the nine months period ended December 31st, 2024 increased to Rs. 2,21,416 crore from Rs. 2,09,719 crore for the comparable period of previous year, registering an increase of 5.58%.
For the nine-month period ended December 31st, 2024, the persistency ratios on a number of policies basis for the 13th month and 61st month were 66.47% and 49.22%, respectively. The comparable persistency ratios for the corresponding period ended December 31st, 2023 were 67.22% and 50.23%, respectively.
LIC is currently listed on both BSE and NSE. The stock price is at Rs 799.90 apiece on BSE, with market cap of Rs 5,05,936.57 crore. LIC is the second largest PSU in terms of market capitalisation.
What Is Eid-Ul-Fitr?
Eid al-Fitr is the 'Festival of Breaking the Fast') is the first of the two main festivals in Islam, the other being Eid al-Adha. It falls on the first day of Shawwal, the tenth month of the Islamic calendar. Eid al-Fitr is celebrated by Muslims worldwide because it marks the end of the month-long dawn-to-dusk fasting of Ramadan. The holiday is known under various other names in different languages and countries around the world. Eid al-Fitr has a particular salah that consists of two rakats generally performed in an open field or large hall, as per Wikipedia.
Banks are closed on March 30th and March 31. While the stock market is closed from March 29th to March 31.
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