LIC's paid-up capital scales up Rs 6,324 crore
LIC's paid-up capital scales up Rs 6,324 crore
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CHENNAI: The Life Insurance Corporation of India (LIC) has a paid up capital of Rs 6,324.99 crore as of December 31, 2021, : Bhagwat Karad, Minister of State for Finance said.

The minister said in a written response to a query posed in the Rajya Sabha on Tuesday that the central government approved the LIC's application to use its free reserves to increase its paid-up capital."As a result, LIC's paid-up capital climbed to Rs 6,324.99 crore as of December 31, 2021," he explained.

He stated that LIC paid the Government of India a dividend of Rs 2,610.75 crore in 2019-20 from its income in 2018-19.

In the financial year  2020-21, no dividends were given since the Insurance Regulatory and Development Authority of India (IRDAI) issued a circular on April 24, 2020 instructing insurers to cease from paying dividends on earnings from the financial year ending March 31, 2020.

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