NEW DELHI: The government is likely to retain the sovereign guarantee to Life Insurance Corporation (LIC) and protect interests of policyholders as it seeks to list the insurance behemoth with the aim of improving disclosures, unlocking massive value and sharing wealth with investors, a top official said.
Department of investment and public asset management secretary Tuhin Kanta Pandey told TOI that fears of policyholders being adversely impacted were unfounded. “The regulator (IRDA) is there. It’s a very important company and everything will be taken care of. While the issue has been discussed for long, a political call has been taken this time,” he said.
Finance secretary Rajeev Kumar said the Centre intends to retain the sovereign guarantee for LIC, while also leaving