July 23, 2021

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LIC Says Policyholder’s Not To Believe Social Media News

LIC baseless Social Media News

LIC baseless Social Media News

Refusing the claims of weak financial position of LIC, it has assured its millions of policyholders about their money and said that it is safe and secure as its “financial health is sound.

In response to the rumors on it, LIC has gave a clarification after the messages on social media claimed that the Life Insurance Corporation is in heavy losses, raising concerns over the safety of money of tens of millions of policyholders.

It said that “We refute the false rumours and we would like to assure our policyholders about the sound financial health and says the policy holders not to take cognizance of such misleading news.”

The life insurer said that it has, it has declared the highest ever bonus amounting to more than Rs 50,000 crore to its policyholders for Financial year of 2018-2019. The market share of LIC as of August 31, based on the number of policies is 72.84 percent and for the first-year premium is 73.06 percent.

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

It also said that the Messages wrongly speculate about LIC’s financial health and tried to describe the largest life insurer in poor light in the eyes of its stakeholders.

The social media messages circulated after the media reports said LIC has taken 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.

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