This is a public announcement for information purposes only and is not a prospectus announcement. This does not constitute an invitation or offer to acquire, purchase or subscribe for securities. Not for release, publication or distribution, directly or indirectly, outside India.

Life Insurance Corporation of India’s Initial Public Offering to open on May 4, sets price band at ₹ 902 to ₹ 949 per Equity Share

• Price Band of ₹ 902 – ₹ 949 per equity share bearing face value of ₹ 10 each (“Equity Shares”).
• Discount – ₹ 45 per Equity Share to Retail and Eligible Employee Category and ₹ 60 per Equity Share to Policyholder Category
• Bid/Offer Opening Date – Wednesday, 4 May, 2022 and Bid/Offer Closing Date – Monday, 9 May, 2022.
• Minimum Bid Lot is 15 Equity Shares and in multiples of 15 Equity Shares thereafter.
• The Floor Price is 90.2 times the face value of the Equity Share and the Cap Price is 94.9 times the face value of the Equity Share.

Risks to Investors: • For Fiscal 2019, Fiscal 2020, Fiscal 2021 and the nine months ended December 31, 2021, the Life Insurance Corporation of India (“Corporation”) had a market share of 66.4%, 66.2%, 64.1% and 61.6%, respectively, in terms of total premium in the Indian life insurance sector • The entire Net Proceeds will be paid to the President of India and the Corporation will not receive any proceeds of the Offer •Our individual agents procure most of our individual new business premiums. If we are unable to retain and recruit individual agents on a timely basis and at reasonable cost, there could be a material adverse effect on our results of operations •The Corporation is not a company incorporated under the Companies Act, 2013 and is established and governed as per the provisions of the Life Insurance Corporation Act, 1956 and the rules and regulations framed thereunder. Accordingly, the Corporation is not subject to the provisions of the Companies Act, 2013. •The Market capitalization./ Embedded Value ratio based on Embedded Value as at September 30, 2021 for the Corporation at the upper end of the Price Band is 1.11, compared to the average industry peer group Market Capitalization / Embedded Value of 3.41 (simple average basis). Potential investors may note that the Embedded Value of the Corporation could be sensitive to the equity markets given the size of the equity investment portfolio of the Corporation. •Average Cost of acquisition of Equity Shares for the Selling Shareholder is ₹0.16 each and Offer Price at upper end of the Price Band is ₹949. • Details of Acquisition of all Equity Shares transacted in last three years and one year:

*Represents acquisition price of equity shares pursuant to bonus issue.

**The paid-up equity capital of the Corporation was ₹1,000 million (provided held by the GoI) prior to amendment to the Life Insurance Corporation Act by the Finance Act, 2021 (“Amendment”). Pursuant to the Amendment, the Corporation was required, with the previous approval of the GoI, to issue Equity Shares to the GoI in consideration for the paid-up equity capital provided by the GoI as it stood before the coming into force of Section 131 of the Finance Act, 2021.

• Weighted Average Return on Net Worth for Fiscals 2021, 2020 and 2019 is 182.25%. • The Ten Book Running Lead Managers associated with the Offer have handled 70 public issue in the past 3 years out of which 23 issues closed below the issue price on listing date. 

Mumbai, April 27, 2022: Life Insurance Corporation of India (“LIC” or the “Corporation”) has fixed the price band at ₹ 902 to ₹ 949 per Equity Share for its maiden public offer. The initial public offering (“IPO”) of the Corporation will open on Wednesday, 4 May, 2022 for subscription and close on Monday, 9 May, 2022. Investors can bid for a minimum of 15 Equity Shares and in multiples of 15 Equity Shares thereafter.

The IPO is through an offer-for-sale (“OFS”) of up to 221,374,920 Equity Shares by the President of India, acting through the Ministry of Finance, Government of India (“Selling Shareholder“) (“Offer”). The Offer includes a reservation for Eligible Employees and Eligible Policyholders.

LIC, India’s largest life insurer, had a market share of 61.6% in terms of premiums or GWP, 61.4% in terms of New Business Premium (or NBP), 71.8% in terms of number of individual policies issued, and 88.8% in terms of number of group policies issued, for the nine months ended December 31, 2021 (Source: the CRISIL Report).

LIC was formed by merging and nationalizing 245 private life insurance companies in India on September 1, 1956, with an initial capital of ₹50.00 million. LIC is the fifth largest life insurer globally by GWP (comparing LIC’s life insurance premium for Fiscal 2021 to its global peers’ life insurance premium for 2020) (source: the CRISIL Report) and the largest asset manager in the country as at December 31, 2021 (source: the CRISIL Report), with an established track record of financial performance and profitable growth. As at December 31, 2021, the Corporation covered 91% of all districts in India and had the largest individual agency network among life insurance entities in India, comprising approximately 1.33 million individual agents.

LIC’s individual product portfolio in India comprises 32 individual products (16 participating products and 16 non-participating products) and seven individual optional rider benefits. LIC’s group product portfolio in India comprises 11 group products. Customers in the age bracket 27 to 40 years old accounted for approximately 42% and 42% of individual policies sold in Fiscal 2021 and the nine months ended December 31, 2021, respectively. LIC’s omni-channel distribution platform for individual products currently comprises (i) individual agents, (ii) bancassurance partners, (iii) alternate channels (corporate agents, brokers and insurance marketing firms), (iv) digital sales (through a portal on our Corporation’s website), (v) Micro Insurance agents and (vi) Point of Sales Persons – Life Insurance.

LIC and the Selling Shareholder may, in consultation with the book running lead managers to the Offer, consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations, whose participation shall be one Working Day prior to the Bid/Offer Opening Date, i.e., Monday, 2^nd May, 2022. The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended, read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process, in terms of Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Net Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders.  The Offer includes a reservation of 0.025% of the Post-Offer paid up Equity Share capital for Eligible Employees and 0.35% of the Post-Offer paid-up Equity Share capital for Eligible Policyholders.

All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the red herring prospectus dated 26^th April, 2022 (“RHP”) filed with SEBI and the stock exchanges.

Disclaimers: LIFE INSURANCE CORPORATION OF INDIA is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public issue of its Equity Shares and has filed the RHP with Securities and Exchange Board of India (“SEBI”) and the Stock Exchanges. The RHP shall be available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the book running lead manager, Kotak Mahindra Capital Company Limited at https://investmentbank.kotak.com, Axis Capital Limited at www.axiscapital.co.in, BofA Securities India Limited at www.ml-india.com, Citigroup Global Markets India Private Limited at www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm, Goldman Sachs (India) Securities Private Limited at www.goldmansachs.com, ICICI Securities Limited at www.icicisecurities.com. JM Financial Limited at www.jmfl.com, J.P. Morgan India Private Limited at www.jpmipl.com, Nomura Financial Advisory and Securities (India) Private Limited at www.nomuraholdings.com/company/ group/asia/india/index.html, SBI Capital Markets Limited at www.sbicaps.com, the website of the National Stock Exchange of India Limited at www.nseindia.com and the website of the BSE Limited at www.bseindia.com. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risks, see “Risk Factors” on page 24 of the RHP. Potential investors should not rely on the draft red herring prospectus for any investment decision.

This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the United States absent registration under the U. S. Securities Act or an exemption from such registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the Corporation or the Selling Shareholder and that will contain detailed information about the Corporation and management, as well as financial statements. However, no public offering of securities in the United States is contemplated.

DISCLAIMER CLAUSE OF SEBI: SEBI only gives its observations on the offer documents and this does not constitute approval of either the Offer or the specified securities stated in the offer document. The investors are advised to refer to page 534 of the RHP for the full text of the disclaimer clause of SEBI.

DISCLAIMER CLAUSE OF BSE (The Designated Stock Exchange): It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the RHP has been cleared or approved by BSE Limited nor does it certify the correctness or completeness of any of the contents of the RHP. The investors are advised to refer to the page 536 of the RHP for the full text of the disclaimer clause of the BSE.

DISCLAIMER CLAUSE OF NSE: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the RHP has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the RHP. The investors are advised to refer to page 536 of the RHP for the full text of the Disclaimer Clause of NSE.

DISCLAIMER CLAUSE OF IRDAI: The IRDAI does not undertake any responsibility for the financial soundness of the Corporation or for the correctness of any of the statements made or opinion expressed in this connection. Any issuance of observation by the IRDAI under the LIC General Regulations shall not in any manner be deemed to be or serve as a validation of the representations by the Corporation in the offer document, 

For further details in relation to the Corporation, BRLMs, Company Secretary and Compliance Officer of the Corporation, availability of application forms and RHP, please refer to statutory advertisement dated April 27th, 2022.