Investigating CSR Practices of LIC of India During Pre- and Post-IRDAI’s Compliance, 2013

Abstract

In modern times, corporate social responsibility (CSR) has become a focus of attention before organisations. The present study purports the critical evaluation of Life Insurance Corporation (LIC) of India pertaining to the CSR activities during the period under the study. The present study includes secondary data through annual reports of the LIC of India from 2010 to 2018. In order to test the hypotheses of the present study, the paired t-test has been applied. The findings of the study reveal that LIC of India has covered around 60 million lives and settled more than 150,000 claims under the group and social security schemes in the year 2017–2018, which is a milestone in the insurance arena. In the year 2017–2018, more than ₹400,000 million had been invested by LIC of India in the social sector, which is a strong indicator of interest of the organisation towards social responsibility. It is also evidenced through this study that there is no significant difference between pre- and post-IRDAI’s compliance, 2013 pertaining to CSR practices of LIC of India.