Bill to raise minimum capital of LIC


The bill would also empower LIC to make regulations in respect of terms and conditions of the agents, including method of recruitment of employees and agents.

The amendment would provide sovereign guarantee to the policies of LIC to “the extent to be determined by order, by the Central Government, from time to time”.

The new Act would allocate 90 per cent or more such surplus, as the Central government may approve, for life insurance policy-holders .

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