Chennai, Feb 8 (SocialNews.XYZ) The paid up capital of the Life Insurance Corporation of India (LIC) stands at Rs 6,324.99 crore as on December 31, 2021, said Bhagwat Karad, Minister of State for Finance.
In a written reply to a question raised in the Rajya Sabha, Karad on Tuesday said the central government on an application made by the LIC allowed the utilisation of its free reserves for increasing its paid-up capital.
"As a result, the paid-up capital of LIC increased to Rs 6,324.99 crore, as on 31.12.2021," he said.
He said, LIC had paid a dividend of Rs 2,610.75 crore in 2019-20 to Government of India from the profits of 2018-19.
No dividend was paid in FY2020-21 as the Insurance Regulatory and Development Authority of India (IRDAI) had instructed insurers vide its circular dated April 24, 2020 to refrain from dividend pay-outs from profits pertaining to the financial year ending March 31, 2020.
Source: IANS
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