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Coronavirus outbreak: LIC contributes over Rs 100 crore to PM CARES Fund

LIC serves over 29 crore policies with an asset base of more than Rs 31 lakh crore and over 70 per cent of the market share

twitter-logo BusinessToday.In   New Delhi     Last Updated: April 1, 2020  | 15:24 IST
Coronavirus outbreak: LIC contributes over Rs 100 crore to PM CARES Fund
IC serves over 29 crore policies with an asset base of more than Rs 31 lakh crore and over 70 per cent of the market share.

Life Insurance Corporation of India (LIC) has contributed Rs 105 crore to the PM CARES Fund amid the coronavirus outbreak. Of the total amount, Rs 5 crore has been donated from the LIC's Golden Jubilee Fund, the country's largest insurer said in a statement released Tuesday. "We will take every step to ensure safety and security of the people and relief for the affected," LIC Chairman M R Kumar said. India is facing a huge challenge owing to the global pandemic, which is unprecedented in its severity, he added. LIC serves over 29 crore policies with an asset base of more than Rs 31 lakh crore and over 70 per cent of the market share.

Also read: Coronavirus outbreak: Narayana Murthy, family donate Rs 10 crore for relief work

On Tuesday, over two lakh employees of State Bank of India (SBI) announced a contribution of two days' salary to the PM's National Relief Fund to fight against the pandemic. The largest public sector lender of the country, last week, committed 0.25 per cent of its FY20 annual profit as CSR initiative. "It is a matter of pride for State Bank of India that all our employees voluntarily came forward to pledge their two days' salary to the PM-CARES Fund. We at SBI would keep continuing our support to the government in all its endeavours to address the challenges of this pandemic," SBI Chairman Rajnish Kumar said.

The other companies that have also donated include Reliance Industries (Rs 500 crore), PFC (Rs 200 crore), L&T (Rs 150 crore), Infosys Foundation (Rs 100 crore), Bharti Enterprises (Rs 100 crore), NMDC (Rs 150 crore) and JSPL (Rs 25 crore), among others. It was on March 28, 2020, that the PM-CARES Fund was established to raise money to fight against COVID-19 and provide relief to the affected. Meanwhile, the total number of active cases stands at 1,238 in India. The death toll has risen to 35 from 32 recorded Tuesday, the Ministry of Health and Family Welfare data showed.

Also read: Wipro, Azim Premji Foundation contribute Rs 1,125 cr to tackle coronavirus crisis

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