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Life Insurance Corporation of India - /

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III. decision making process

III. The procedure followed in the decision making process, including channels of Supervision and accountability.

There is well defined system in the Corporation regarding the decision making process. Financial decisions are taken at various levels by different officials depending upon their positions and also through Committee approach. The “Key persons” are identified in the Corporation and their names are available on website. Further, there is a well defined organizational structure and a clear system of accountability and control which is based on the following :-

(A) Life Insurance Corporation Regulations,1959
(B) Life Insurance Corporation (Staff) Regulations,1960
(C) CVC Guidelines
(D) Life Insurance Corporation Act,1956

Accountability

 

Details of the following items are available on our website



1. IRDA Consumer Education
2. Public Disclosures
3. Investment
4. Enquiry of Outstanding Claim for the year
5. Unclaimed Surrender Value
6. Stewardship Policy

Grievance Redressal machinery:

 

LIC of India receives complaints directly from complainant(Policyholders, employees & Agents) or through the Vigilance Department of LIC, CBI, CVC, PIDPI, CPGRAM and Government also makes references. The complaints are registered and investigated. Any complaint is taken as a source to detect irregularity, if any, occurring in Corporation and efforts are taken for improvements in the system.

 

Internal Checks and controls in the system:

 

LIC of India has Internal machinery for detection of procedural/financial irregularities which includes –
1. Audit
2. Inspection
3. QMA visit
4. Surprise Vigilance check
5. Surprise Audit
6. Special Audit
7. Anti-Fraud policy is well laid out in the Corporation.

Life Insurance Corporation of India – Corporate Office : Yogakshema Building, Jeevan Bima Marg, P.O. Box No – 19953, Mumbai – 400 021 IRDAI Reg No- 512
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