The Ministry of Finance has announced that modifications to the Life Insurance Corporation (LIC) Act, 1956 would be effective from June 30, 2021. Amendments have also been made to guarantee that the Centre retains at least a 75 per cent interest in LIC for the next five years following its listing, and at least a 51 per cent stake after that time. In addition, modifications ensuring that policyholders get a part of the shares offered in the Initial Public Offering (IPO) have been passed and are effective as of Wednesday.