PMJJBY subscribers not eligible for shares at discounted rates: LIC

Subscribers of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are ineligible for shares at a discounted price in the upcoming LIC IPO, the insurer clarified on Tuesday. "It is a group insurance product and [PMJJBY policyholders] aren't eligible," LIC said in a statement. This comes after LIC Chairman MR Kumar on Monday said PMJJBY subscribers are eligible for discounted shares.