LIC- “Sovereign Guarantee by Govt.” And so called “Guarantee"
Автор: QuickBuck Solutiions
Загружено: 2022-06-07
Просмотров: 233
Описание:
Section 37 in The Life Insurance Corporation Act, 1956 has clearly mentioned that Policies to be guaranteed by Central Government.
Now the question is why Central Government provides this Unique guarantee ?
The answer is On June 19, 1956, the LIC Act was passed and on September 1 the same year, LIC was formed with an initial capital of Rs 5 crore. That means Govt invested initial 5 Cr in LIC and in return earns share of LIC's profit every year and gives Sovereign Guarantee to the policy holder.
Now one can understand the difference between “Sovereign Guarantee by Govt.” And so called “Guarantee" word mention by the Private Insurance providers.
To the best of my knowledge, I don't see a single example where Central Government gives funds to private company like LIC so there is no question about Sovereign Guarantee of private insurance provider.
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