LIC dispels financial downfall rumors

While reiterating that it is in “sound financial health”, LIC has recently released a statement refuting rumors about its financial position. The insurer has responded to the rumors circulating on WhatsApp and other social media platforms regarding the alleged downfall of its wealth. “The messages wrongly speculate about LIC’s financial health and attempt to portray the largest life insurer in poor light in the eyes of its stakeholders. These news are factually incorrect, uncorroborated and intend to tarnish the image of LIC brand and also create panic in the minds of its policyholders,” the statement read. Further, LIC had asked policyholders not to take cognizance of such ‘misleading’ news. “LIC… would like to assure its policyholders about its sound financial health…,” the statement added. LIC had said that it has announced the highest ever bonus amounting to more than Rs 50,000 crore to its policyholders for FY18-19. Its market share as of August 31, based on the number of policies is 72.84 percent and for the first-year premium is 73.06 percent.