Finance LIC IPO: Irdai says a formal proposal is yet to come Updated : February 18, 2020 02:02 PM IST Answering a question on any possible restructuring of LIC's business before IPO, Irdai chairman S C Khuntia said that work on the same is being carried out by the government. He said the practice of annual product review needs to be carried out in full seriousness by the players and pitched for a wedding out of the loss-making ones. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.