LIC Refutes ‘Baseless’ Social Media Messages; Says Policyholders’ Money Secure
An employee holds Indian rupee banknotes while writing on a notepad at a cloud kitchen in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

LIC Refutes ‘Baseless’ Social Media Messages; Says Policyholders’ Money Secure

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National insurer Life Insurance Corporation assured its millions of policyholders that their money is safe and secure as its “financial health is sound”, refuting claims of its weak financial position.

The clarification came after messages on social media claimed that the Corporation is in heavy losses, raising concerns over the safety of money of tens of millions of policyholders.

We refute such false rumours and we would like to assure our policyholders about its sound financial health and urges them not to take cognizance of such misleading news
LIC statement

The insurer said the news on social media are factually incorrect, uncorroborated and intend to tarnish its image and also create panic in the minds of the policyholders.

Messages also wrongly speculate about LIC's financial health and attempt to portray the largest life insurer in poor light in the eyes of its stakeholders, it said. LIC had declared the highest-ever bonus amounting to Rs 50,000 crore and upwards to its policyholders during 2018-19.

The insurer's market share, in terms of number of policies is 72.84 percent and in terms of first-year premium it is 73.06 percent as of Aug. 31, the statement said.

LIC's market share in first-year premium has grown from 66.24 percent in March 2019 to 73.06 percent in August 2019, the corporation said.

The social media messages came in after media reports said LIC has take a severe beating in his marker play to the tune of tens of thousands of crore in market value as most of the companies it has invested are trading much below its investment value.

Being the largest financial institution, LIC is also the largest investor in the equities and debt market valued at trillions of rupees.

Also read: IRDAI Revisiting ‘Title Insurance’ Products To Popularise It Among Property Buyers

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