Several branches of the country’s
largest insurance company Life Insurance Corporation of India are
allegedly causing huge loss to exchequer by issuing receipts without
affixing revenue stamps.
The matter came to light during a hearing before the Central Information
Commission which directed the LIC to make public details of all the
revenue stamps purchased by the Corporation between 2006-10.
The case relates to an RTI applicant who sought to know from the LIC
details of revenue stamps purchased by it during the last five years
along with other queries but the request was denied saying compiling of
information would divert the resources disproportionately.
My Comments:-
It's fact many of my clients have also informed about the same. As per IRDA guidelines it is mandatory to disclose investments made as far as ULIPs are concerned.
All Life Insurers are disclosing there fact sheets & purchased scrips besides LIC, another matter of concern. It seems LIC is waiting for another RTI applicant.