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IMPORTANT! Invested money in LIC policy? Life Insurance Corporation has a message for you

Social media platforms are a gift to mankind. Or, are they? While platforms like Facebook, Twitter and Instagram have allowed people to stay in touch with each other and follow regular news updates, they have somewhat failed to curb the spread of misinformation, often leading to tricky situations.

IMPORTANT! Invested money in LIC policy? Life Insurance Corporation has a message for you
A message has been doing rounds of social media platform claiming that LIC is in a weak financial position and several of its policyholders might end up losing their money. Source - Reuters,
Written By: ZeeBiz WebTeam
Edited By: Prashant Singh
Updated: Thu, Oct 10, 2019
06:57 pm
New Delhi, ZeeBiz WebDesk
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Social media platforms are a gift to mankind. Or, are they? While platforms like Facebook, Twitter and Instagram have allowed people to stay in touch with each other and follow regular news updates, they have somewhat failed to curb the spread of misinformation, often leading to tricky situations. The latest to face the wrath is the national insurer Life Insurance Corporation or LIC. A message has been doing rounds of social media platform claiming that LIC is in a weak financial position and several of its policyholders might end up losing their money.

However, this is far from reality as the national insurer has confirmed through a statement. LIC said that its "financial health is sound" and assured the policyholders that there money is safe. 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 policyholders.

"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. It added that the messages being circulated on social media platforms are factually incorrect, uncorroborated and intend to tarnish its image. It alleged that these messages also aim to created panic in the minds of the policyholders.

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LIC added that these messages also want to portray the largest life insurer in poor light in the eyes of its stakeholders. During 2018-19, LIC had declared the highest-ever bonus amounting to Rs 50,000 crore and upwards to its policyholders. The statement said that 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

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