The state-owned Life Insurance Corporation (LIC) said on Saturday that the Washington Post’s allegations are false, baseless and far from the truth.
LIC refuted the US-based publication’s article and said: “The Washington Post’s allegations that LIC’s investment decisions are influenced by external factors are false, baseless and far from the truth.”
No such document or plan as claimed in the article has ever been prepared by LIC, which is creating a roadmap for infusion of funds by LIC into the Adani group of companies, it added.
“The investment decisions are taken independently by LIC as per the policies approved by the Council after detailed due diligence. The Ministry of Financial Services or any other body does not play any role in such decisions,” it pointed out.
LIC has ensured the highest standards of due diligence and all its investment decisions have been taken in accordance with existing policies, provisions of the laws and regulatory guidelines, in the best interest of all its stakeholders.
“These alleged statements in the article appear to have been made with the intention of damaging the well-governed decision-making process of LIC and also to tarnish the reputation and image of LIC and the strong fundamentals of the financial sector in India,” the insurance major added.
Published on October 25, 2025
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