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Life Insurance Corporation (LIC) has been allowed to increase its investment in companies up to 25 per cent of the capital from the current 20 per cent under special circumstances.
“LIC’s investment norms at the moment is settled at 20 per cent but in special circumstances it can go up to 25 per cent. In case LIC wants, the board can take this to 25 per cent,” financial services Secretary Rajiv Takru said on the sidelines of an insurance summit organised by CII here. Earlier this year, the government had proposed to allow LIC to invest up to 30 per cent in a single company.
Takru also asked insurance companies not to mis-sell products with false promises. “What I am trying to say is that insurance companies should be fair and there should not be premium payment denial. They should not betray the trust,” he said, adding the customer is given assurances while buying an insurance product.
PFRDA chairman Yogesh Aggarwal said, “We have about 850 corporates that have onboarded NPS platform. Besides many of the CPSUs, despite their keenness to offer NPS to their employees, are fence sitting, awaiting the harmonisation of the existing DPE rules requiring minimum 15 years of service before being eligible for any pension.”