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Trichy, Tamil Nadu, India
Working as an Assistant in LIC of India, Rockfort BO, Trichy, TN. Having a strong belief that LIC's welfare is our welfare and always trying to work towards that. Also functioning as an office bearer of AIIEA Thanjavur Division.

Tuesday, February 8, 2011

LIC funds 24.6% of Indian Govt.'s expenses

LIC funds close to 24.6% of the Indian Government's expenses.
It has assets estimated of 9.31 trillion (US$202.03 billion)

The Life Insurance Corporation (LIC) stated that an internal probe body has found no unlawful activity in its housing arm until now. 

LIC chairman T.S. Vijayan stated that he cannot
comment on the status of the committee but, they have not found anything wrong so far.

Meanwhile, in order to examine the systems and procedures of LIC investments and suggest remedial steps, LIC had established this advanced panel which comprised of 3 executive-director rank officers.

This was after the recent arrests of some top LIC and LIC Housing officials by the Central Bureau of Investigation ( CBI )) for their suspected involvement in a bribe for loan scam. 

He also added that it was aiming for a total premium collection of Rs 2,00,000 crore during this fiscal since the alleged scam has had no effect on its business. 

Moreover, he said that they have equity in many banks and these are their financial investments while they are guided by the dividends and on the companies' showings. He said this when asked whether the company was considering offloading its share in Corporation Bank.

The Life Insurance Corporation of India (LIC) is the largest state-owned life insurance company in India, and also the country's largest investor. It is fully owned by the Government of India. 

It also funds close to 24.6% of the Indian Government's expenses. It has assets estimated of 9.31 trillion (US$202.03 billion).

It was founded in 1956 with the merger of more than 200 insurance companies and provident societies.
Source: OneIndia

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