LIC dominates 70% of the insurance market in India, may be valued at 8 lakh crore as a company and a 10% stake sale would result in a windfall of Rs 80,000 crore for the central government.

LIC's composite market share in terms of the number of policies and first year premium as of January 31, 2020 stood at 77.61% and 70.02%, respectively.

LIC had over 1,11,979 employees on the rolls as of March, 2019.

"There will be no impact on policyholders or employees if the company goes public,” Chairman M R Kumar told journalists in a specially-convened press conference.

"Government came out with the idea (LIC listing). The details will follow and it will be in the interest of LIC and its policyholders. Interest of LIC and policyholders will be safeguarded," MOS Finance Anurag Thakur recently told PTI.

Finance secretary Rajiv Kumar on Sunday said the listing may be done in the second half of the next financial year.

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