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LATEST NEWS UPDATES | Virbhadra’s big fat LIC policies -Rohan Dua

Virbhadra’s big fat LIC policies -Rohan Dua

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published Published on Oct 25, 2012   modified Modified on Oct 25, 2012
-The Times of India

SHIMLA: Former Himachal Pradesh chief minister Virbhadra Singh's interest in buying LIC policies bear an interesting pattern over the past 10 years. These policies are at the heart of a controversy with allegations of money laundering levelled against him by the BJP.

Before the 2009 Lok Sabha polls, the 78-year-old state Congress chief had only two LIC policies for himself, each with a premium barely one-hundredth of that he paid for the new policies worth crores that he bought after becoming the Union minister for steel.

Of his two previous policies, the one bearing number 111305787, that commenced on July 25, 1991, had an annual premium of just Rs 1.20 lakh, the highest he paid for any policy for himself till 2009, according to his affidavits available with TOI.

But the aging Singh showed a remarkable interest in the Jeevan Akshay policy, recommended for people in the 30-50 age group. Singh paid Rs 1 crore as a single premium on March 27, 2010.

Singh had become the Union minister for steel on May 28, 2009.

Seven months later, on December 31, he bought his other policy, LIC Market Plus, for Rs 50 lakh. This policy is basically targeted at much younger customers beginning at the age of 18. The BJP has alleged that both his policies were bought with a single premium and around the same time when documents recovered from a steel company show an entry against "VBS". The BJP pointed out that according to the same documents, Rs 50 lakh was paid on December 23, 2009 — six days before Singh bought his first policy.

His two earlier policies, which are yet to expire, are still running with annual premiums. During Virbhadra's tenure as Union steel minister, between 2009 and 2012, a similar trend is seen in his wife's LIC policies, which have shot up from one in 2007 to five in 2012. Before this period, her earlier policy had a premium of only Rs 1,92,947.

By mid 2010, even she had purchased the same two policies — Market Plus worth Rs 50 lakh on February 26, 2010 and Jeevan Akshay worth Rs 1 crore in March 2010.

But Singh on Wednesday maintained that the money he invested in the LIC policies was his income from horticulture. He said the details of his income have been given in the tax documents filed before the income tax department.

The Times of India, 25 October, 2012, http://timesofindia.indiatimes.com/india/Virbhadras-big-fat-LIC-policies/articleshow/16946165.cms


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