**Executive Summary**
This document presents the Government of India's response to Un-starred Question No. 2416 in Lok Sabha regarding the Investment Committee of the Life Insurance Corporation (LIC). It details the composition, selection process, qualifications, tenure, and meeting frequency of the committee. Information is current as of December 15, 2025.
**Key Points / Main Content**
* **Investment Committee Composition:**
* The Board of Directors constitutes the Investment Committee.
* It comprises the Chief Executive and not more than seven other directors.
* At least two members must be directors not appointed under Section 4(2)(a) and 4(2)(b) of the LIC Act, 1956.
* **Investment Committee Meetings:**
* Meetings must occur at least four times a year, with no more than four months elapsing between meetings.
* Governed by IRDAI (Corporate Governance for Insurers) Regulations, 2024.
* In FY 2024-25, fifteen meetings were held.
* Six meetings have been held in FY 2025-26 (till date).
* Decisions taken are unanimous.
* **Investment Governance:**
* LIC's investments adhere to the Insurance Act, 1938 and the IRDAI (Investment) Regulations, 2016.
* Investments are guided by a detailed governance mechanism.
* **Disclosure:**
* Specific investment details in individual companies are not disclosed due to commercial prudence.
* Information on companies in which LIC holds more than a 1% stake is publicly available, as per SEBI regulations.
* **Annexure A**
* Provides current members of the investment committee, their designation, qualification, and tenure.
**Impact Analysis**
**LIC Board of Directors and Investment Committee Members**
* **Impact**: The document outlines their responsibilities and structure within the Investment Committee.
* **Action Required**: Ensure compliance with the stated regulations and meeting schedules.
**LIC as an Organisation**
* **Impact**: Clarifies the governance and regulatory framework under which LIC's investments are made.
* **Action Required**: Maintain adherence to statutory requirements and disclosure regulations.
**Public/Investors**
* **Impact**: Provides transparency regarding the structure and oversight of LIC's investment activities.
* **Action Required**: To stay informed on LIC’s investments by monitoring public disclosures.
Key Entities Referenced
Life Insurance Corporation (LIC): The central subject; details of its investment committee are the focus of the query.
Investment Committee of LIC: The primary entity whose members, procedures, and activities are being inquired about.
Life Insurance Corporation Act, 1956: The Act under which the Investment Committee is constituted, specifically Section 19A.
IRDAI (Corporate Governance for Insurers) Regulations, 2024: Regulatory framework governing the Investment Committee's meetings.
Insurance Act, 1938: Statutory framework under which LIC investments are carried out.
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.
*****Annexure - A
Details of current member of the investment committee and their qualification and tenure
S. Name Designation Qualification Tenure
No.
1. Shri R Doraiswamy, Chairperson B.Sc. (Maths), Fellow of Chairperson of
Chief Executive Officer of the Insurance Institute of the Committee
& Managing Director Committee India w.e.f. 22.07.2025
Member from
05.09.2023 to
22.07.2025
2. Shri Sat Pal Bhanoo, Member B.A. (Hons.) History Member w.e.f.
Managing Director 22.07.2025
Chairperson of
the Committee
from 22.06.2025
to 22.07.2025
Member from
21.07.2023 to
22.06.2025
3. Shri Dinesh Pant, Member B. Tech, LL. B, Fellow Member w.e.f.
Managing Director Member of the Institute of 22.06.2025
Actuaries of India and the
Institute and Faculty of
Actuaries, UK, MBA, Fellow
member of Insurance Institute
of India
4. Shri Ratnakar Patnaik, Member B.Sc. (Hons.) Physics, PG Member w.e.f.
Managing Director (Public Administration), 22.06.2025
Fellow of Insurance Institute
of India and Diploma in Health
Insurance
5. Shri Mahalingam G, Member M.Sc. (Stat), MBA Member w.e.f.
Independent Director 07.02.2022
6. Shri Raj Kamal, Member B. Tech (Mech. Engg.), PG Member w.e.f.
Independent Director Program in Business 07.02.2022
Management
7. Shri Muthu Raju Member B. Com, FCA, FCMA & FCS Member w.e.f.
Paravasa Raju Vijay 07.02.2022
Kumar, Independent
Director
Special Invitee: - Appointed Actuary, Officers of the Corporation heading the functions dealing with
finance, risk, investment and law.