Life Insurance Corporation announces final dividend for fiscal year

Life Insurance Corporation of India (LIC) has announced the recommendation of a final dividend of INR 12 per equity share (face value of INR 10 each) for the financial year 2024-25. The dividend, representing 120%, is subject to approval by shareholders at the upcoming Annual General Meeting scheduled for August 26, 2025, and will be paid to members holding equity shares as of the record date, July 25, 2025. Dividend payments will be made within 30 days of declaration, or by September 24, 2025. The announcement details the procedures for tax deduction at source (TDS) on the dividend, emphasizing the importance of updated PAN and KYC details, particularly for members holding shares in physical form. LIC also clarified that dividend income is taxable, requiring TDS deductions at applicable rates at the time of payment, with rates varying based on residential status and documentation. The corporation has provided information for resident and non-resident members to avail of lower tax rates, as well as for availing benefits of Double Tax Avoidance Agreements (DTAA).