Lok Sabha Question No. 2416 (UNSTARRED), answered on 2025-12-15
Subject: Investment Committee of LIC
Ministry: FINANCE
Asked by: Smt. Rachna Banerjee

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF FINANCIAL SERVICES

## LOK SABHA UN-STARRED QUESTION NO- 2416

ANSWERED ON MONDAY, DECEMBER 15, 2025 / AGRAHAYANA 24, 1947 (SAKA)

## Investment Committee of LIC

## 2416.  SMT. RACHNA BANERJEE:

Will the Minister of FINANCE be pleased to state:

- (a) the details of the current members of the investment committee of the Life Insurance Corporation (LIC);
- (b) the procedure for the selection and appointment of members of the LIC's investment committee;
- (c) the qualifications of the members and their tenure;
- (d) the frequency of committee meetings and the process of decision making; and
- (e) the details of LIC's investments in private companies (in Rs. and percentage terms) since 2014, year-wise and company-wise details?

## ANSWER

## MINISTER OF STATE IN THE MINISTRY OF FINANCE

## (SHRI PANKAJ CHAUDHARY)

- (a) to (e): As per Section 19A of the Life Insurance Corporation Act, 1956, the Board of Directors of the Corporation constitute an Investment Committee of the Board, consisting of the Chief Executive and not more than seven other directors, of which a minimum two shall be directors other  than  directors  appointed  under  section  4(2)(a)  and  4(2)(b)  of  the  LIC  Act,  1956.  The details of current member along with their qualification and tenure is placed at Annexure - A.

The Investment Committee meets at least four times in a year, ensuring that not more than four months elapse between two meetings, in terms of IRDAI (Corporate Governance for Insurers) Regulations,  2024  read  with  circular  issued  thereunder  from  time  to  time.  Further  LIC informed that 15 meetings of the committee were held during FY 2024-25 and 6 meetings have been held in FY 2025-26 (till date). The decisions taken in Investment Committee meetings are unanimous.

Further, all  investments  of  LIC  are carried out strictly  as per the statutory  framework of the Insurance  Act,  1938  and  the  IRDAI  (Investment)  Regulations,  2016  and  are  guided  by  a detailed  governance  mechanism.  As  LIC  is  a  listed  entity,  providing  details  of  LIC's investment in individual companies may not be commercially prudent. However, as per SEBI (Listing Obligations and Disclosure Requirements) regulations, the information of the companies in which LIC holds more than 1% stake is available in public domain.

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Annexure - A Details of current member of the investment committee and their qualification and tenure

|   S. No. | Name                                                            | Designation                  | Qualification                                                                                                                                                           | Tenure                                                     |
|----------|-----------------------------------------------------------------|------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|
|        1 | Shri R Doraiswamy, Chief Executive Officer &Managing Director   | Chairperson of the Committee | B.Sc. (Maths), Fellow of Insurance Institute of India                                                                                                                   | Chairperson of the Committee w.e.f. 22.07.2025             |
|        1 | Shri R Doraiswamy, Chief Executive Officer &Managing Director   | Chairperson of the Committee | B.Sc. (Maths), Fellow of Insurance Institute of India                                                                                                                   | Member from 05.09.2023 to 22.07.2025                       |
|        2 | Shri Sat Pal Bhanoo, Managing Director                          | Member                       | B.A. (Hons.) History                                                                                                                                                    | Member w.e.f. 22.07.2025                                   |
|        2 | Shri Sat Pal Bhanoo, Managing Director                          | Member                       | B.A. (Hons.) History                                                                                                                                                    | Chairperson of the Committee from 22.06.2025 to 22.07.2025 |
|        2 | Shri Sat Pal Bhanoo, Managing Director                          | Member                       | B.A. (Hons.) History                                                                                                                                                    | Member from 21.07.2023 to 22.06.2025                       |
|        3 | Shri Dinesh Pant, Managing Director                             | Member                       | B. Tech, LL. B, Fellow Member of the Institute of Actuaries of India and the Institute and Faculty of Actuaries, UK, MBA, Fellow member of Insurance Institute of India | Member w.e.f. 22.06.2025                                   |
|        4 | Shri Ratnakar Patnaik, Managing Director                        | Member                       | B.Sc. (Hons.) Physics, PG (Public Administration), Fellow of Insurance Institute of India and Diploma in Health Insurance                                               | Member w.e.f. 22.06.2025                                   |
|        5 | Shri Mahalingam G, Independent Director                         | Member                       | M.Sc. (Stat), MBA                                                                                                                                                       | Member w.e.f. 07.02.2022                                   |
|        6 | Shri Raj Kamal, Independent Director                            | Member                       | B. Tech (Mech. Engg.), PG Program in Business Management                                                                                                                | Member w.e.f. 07.02.2022                                   |
|        7 | Shri Muthu Raju Paravasa Raju Vijay Kumar, Independent Director | Member                       | B. Com, FCA, FCMA &FCS                                                                                                                                                  | Member w.e.f. 07.02.2022                                   |

Special Invitee: - Appointed Actuary, Officers of the Corporation heading the functions dealing with finance, risk, investment and law.