A Bill to increase the paid-up capital of Life Insurance Corporation (LIC) of India to Rs 100 crore from the current Rs 5 crore and make the insurer conform with the same regulatory requirements as other life insurers was passed in the Lok Sabha on Monday, but not before giving anxious moments to the treasury benches.
The finance ministry, meanwhile, clarified LIC policies would continue to enjoy government guarantee. Ahead of the passage of the Life Insurance Corporation (Amendment) Bill, 2009, there were some tense moments for the government, as a division was sought by the Opposition on an amendment moved by an Opposition member.
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