(a) whether the Insurance Regulatory Development Authority has recommended to the
Government to withdraw the Government Guarantee on LIC policies;
(b) if so, the details thereof; and
(c) the action taken by the Government thereon?
(a) whether the Insurance Regulatory Development Authority has recommended to the
Government to withdraw the Government Guarantee on LIC policies;
(b) if so, the details thereof; and
(c) the action taken by the Government thereon?
MINISTER OF THE STATE IN THE MINISTRY OF FINANCE (SHRI PAWAN KUMAR BANSAL)
(a) to (c): Yes, Sir. With a view to provide a level playing field to all insurers in opened
up insurance sector, Insurance Regulatory and Development Authority (IRDA) has recommended
withdrawal of sovereign guarantee to life insurance policies of Life Insurance Corporation
(LIC). It is under consideration of the Government.