LIC: Social media msg baseless, policyholders' money secure
    Mumbai, Oct 9 (PTI) Refuting claims of its weak
financial position, national insurer Life Insurance
Corporation (LIC) on Wednesday assured its millions of
policyholders that their money is safe and secure as its
"financial health is sound.'
    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
    "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 said in a 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.
During 2018-19, LIC had declared the highest-ever bonus
amounting to Rs 50,000 crore and upwards to its policyholders.
    As of August 31, 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, 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. PTI HV

(This story has not been edited by THE WEEK and is auto-generated from PTI)