Policyholder(English)

May 2, 2022 Dear Policyholders, Ref: Initial Public Offering of equity shares of face value of Rs. 10 each (“Equity Shares”) of Life Insurance Corporation of India (“Corporation”) Sub: Reservation for Eligible Policyholder(s) (as defined below) of the Corporation The Corporation is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offering (“Offer”) of its Equity Shares and has filed a red herring prospectus (“RHP”) with the Securities and Exchange Board of India (“SEBI”) on April 26, 2022. We wish to inform you that the Offer includes a reservation of up to 22,137,492 Equity Shares (constituting up to 0.35% of the post-Offer paid-up Equity Share capital of the Corporation) for eligible policyholders i.e. the policyholders (excluding such other persons not eligible under applicable laws, rules, regulations and non- Individual policy holders) of the Corporation having one or more policies of the Corporation as on the date of the draft red herring prospectus dated February 13, 2022 (“DRHP”) filed by the Corporation and Bid / Offer Opening Date i.e. Wednesday, May 4, 2022, and are residents of India (“Eligible Policyholders”).Please note that a policyholder of the Corporation was required to ensure that his / her PAN details are updated in the policy records of the Corporation and a policyholder who did not update his / her PAN details with the Corporation before expiry of two weeks from the date of the filing of the DRHP with SEBI (i.e., by February 28, 2022) was not considered as an Eligible Policyholder for the purposes of the Offer. Please note that the Bid/ Offer Opening Date is Wednesday, May 4, 2022 and the Bid / Offer Closing date is Monday, May 9, 2022. The Price Band has been fixed at Rs. 902 to Rs. 949 per Equity Share. The Offer also includes a discount (“Discount”) of Rs. 60 per Equity Share to the Eligible Policyholders bidding in the Policyholder Reservation Portion. The minimum bid lot is 15Equity Shares and in multiples of 15Equity Shares thereafter. Please note that an Eligible Policyholder bidding in the Policyholder Reservation Portion can also Bid under the Net Offer (either under Retail Portion or Non-Institutional Portion) and the Employee Reservation Portion, subject to qualifying the eligibility criteria and applicable limits, and such Bids will not be treated as multiple Bids. The maximum Bid Amount under the Policyholder Reservation Portion by an Eligible Policyholder shall not exceed Rs. 200,000 (net of the Discount).For further details, see “Offer Structure” beginning on page 569 of the RHP. Please note that you can either make an application electronically or through the physical Bid-cum Application form. Copies of the Bid cum Application Form (other than for Anchor Investors) will be available with the Designated Intermediaries at the relevant Bidding Centres, and at the Central Office of the Corporation. An electronic copy of the Bid cum Application Form will also be available for download on the websites of NSE (www.nseindia.com) and BSE (www.bseindia.com) at least one day prior to the Bid / Offer Opening Date i.e. Wednesday, May 4, 2022. Further, please note that Eligible Policyholders bidding under the Policyholder Reservation Portion can Bid using the UPI mechanism. We request you to kindly refer to the RHP for further details. Further, for any queries in relation to opening of demat account, status of allotment and unblocking of funds in the Offer, please contact using any of the following communication channels: Sr. No Type Access point 1. https://ris.kfintech.com 2. Chat 9100094099 3. WhatsApp 1-800-309-4001 Toll Free

Sr. No Type Access point 4. Status of allotment https://ris.kfintech.com/ipostatus 5. Opening of Demat Account* https://ipo.kfintech.com 6. Correspondence e-mail [email protected] *Bidders can open a demat account through any depository participant. Please note that this communication is neither a solicitation to participate in the Offer, nor does it assure any allotment of Equity Shares (either partial or complete) against applications in the Offer. All investment decisions should only be made on the information contained in the RHP. Capitalized terms used in this letter but not defined herein shall, unless the context requires otherwise, have the respective meanings assigned to them in the RHP. Thank you, For Life Insurance Corporation of India Team LIC Disclaimer: 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 the 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 managers, 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 and 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” beginning 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.