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Blatant misuse of LIC

It is subsidising incompetence at best and malfeasance at worst in institutions such as IDBI Bank and IL&FS

Topics
Lic  |  Life Insurance Corporation  |  Irdai

Jaimini Bhagwati 



Jaimini Bhagwati

Over time, the of India (LIC) has become the investor of last resort in failing and flailing bank and non-bank finance companies. Investors in LIC's insurance and other schemes are receiving a lower rate of return because is subsidising incompetence at best and malfeasance at worst in institutions such as and Infrastructure Leasing and Financial Services (IL&FS). is fully owned by the Government of India and is regulated by the Insurance Regulatory and Development Authority (IRDAI). IRDAI's mission is to "protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry". LIC's foremost priority has to be providing efficient services and high returns to existing policyholders and to widen its reach. By contrast, government is pushing into taking unwarranted risks and has been complicit.

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First Published: Thu, September 27 2018. 00:51 IST

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