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Centre plans to make 2% CSR spending mandatory for Life Insurance Corp

LIC Act does not have CSR provisions; the corporation had a surplus fund over Rs 440 billion

life insurance, LIC
Life Insurance Corporation of India

The government is planning to bring state-owned insurer Life Insurance Corporation (LIC) under the ambit of corporate social responsibility (CSR). This would lead the insurance behemoth to spend at least 2 per cent of its surplus fund on social activities. According to a senior government official, the Centre is of the view that LIC, the country’s largest insurer, should contribute a portion of the surplus fund on social welfare. At present, there is no obligation on the insurer to spend a fixed amount on such activities.  The parliamentary committee, which met in ...