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"LIC celebrating August 2022 as Iconic month under Azadi Ka Amrit Mahotsav."     "Invitation for Quarterly Earnings Call Q1-FY22-23"     "PUBLIC ANNOUNCEMENT FOR FIRST ANNUAL GENERAL MEETING AND E-VOTING INFORMATION"     "Join the nation-wide 'Har Ghar Tiranga' campaign from 13th to 15th August 2022     "Conference Call on IEV (Indian Embedded Value) as at 31st March, 2022 on 15th July 2022 at 9 AM"     "Individual Pension Policyholders/ Annuitants can submit Digital Life Certificate through mobile app Jeevan Saakshya. App can be downloaded from play store"     "Revised Working Hours of All Offices of LIC Of India from 10.05.2021, pursuant to Notification S.O.1630(E) Dated 15th April 2021 wherein the CENTRAL GOVERNMENT has Declared Every Saturday as a Public Holiday for Life Insurance Corporation of India."     "Dear Policyholder, Please submit Bank Account Details ( NEFT ) to LIC - Click here to Download NEFT Form"     "PLEASE REGISTER IN CUSTOMER PORTAL FOR AVAILING ONLINE SERVICES"     Basic Safety measures to fight against Coronavirus Disease(COVID-19)     Breaking News : LIC premiums can now be paid at the nearest CSC centres throughout the country.     Also on ALL POSSIBLE digital modes through LIC website without any service charges.     Intimation to policyholders regarding changes in tax structure due to implementation of Goods and ServicesTax (GST) - Click Here     Beware of Spurious Phone Call and Fictitious/Fraudulent Offers     Beware of fake / spurious calls - DOs and DONTs     " FRAUDULENT RECRUITMENT ADs: BEWARE...! "     Notice to Public regarding Combination of Products     For Policy enquiry contact LIC Call Centre Services on (022) 68276827     " Know your policy details through SMS to 'ASKLIC' (ASKLIC < policy no > PREMIUM/LOAN/BONUS/REVIVAL/NOMINATION) and send it to 9222492224 "     'SMS "LICHELP < policy no >" and send it to 9222492224 or 56767877 for Policy Enquiry/Product Query/Registering of complaint under your policy     

Home » Bottom Links » RTI Center » The procedure followed

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 Act,1956 (as amended upto 31.5.2021)
(B) Life Insurance Corporation General Regulations,2021 (Notified on 22.7.2021)
(C) CVC Guidelines

Accountability

Details of the following items are available on our website at "www.licindia.co.in : Bottom Links"

 

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:

 
  • For Policyholders:

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.

  • For Investors:

Complaints are received directly from investors and through SEBI SCORES Portal, NSE and BSE. Efforts are taken to redress the grievances of investors immediately through our Registrar and Transfer Agent (RTA)

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.