LIC as a responsible Corporate Citizen has been fulfilling its social responsibilities from time to time. In fact, most of our investments are geared towards industrial growth, infrastructure growth and national development.
We have been donating various amounts to social causes/community development in different parts of the country. We have also been contributing to Prime Ministers’ National Relief Fund, Chief Ministers’ Relief Funds of various states as also Rajiv Gandhi Foundation to help relief measures in case of calamities such as Earthquake, Tsunami etc.
With a view to channelise our social responsibilities and give a formal shape to the same we have formed a Public Trust named ‘LIC Golden Jubilee Foundation’.
The main objectives of the Golden Jubilee Foundation are:
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Relief of poverty or distress.
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Advancement of Education
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Medical Relief
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The advancement of any other object of general public utility.
An important development in the role of corporate houses has been the increasing focus on their corporate social responsibility. Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of the workforce as well as of the local community and society at large.
The concept of corporate social responsibility (CSR) is not new to Indian companies. However, what is new is the way it has caught on with Corporates in India and the direct involvement of employees in implementation of these projects. Dedicated departments in many organizations are looking into much more than just funding or getting involved in one-time projects.
CSR activities have their advantages. The benefits are in terms of building a positive image, encouraging social involvement of employees, which in turn develops a sense of loyalty for the organization. CSR activities help bond employees as a team with the organization, which, in turn helps in creating a dedicated workforce that is proud of its employer.
However, one of the biggest advantages of such activities is the creating of an internal brand among employees. Employees feel a sense of pride when they are involved in such activities. Besides, with hectic work schedules, these activities help in de-stressing employees and create a much involved and conscious person.
The Foundation has been created with an initial corpus of Rs.50 Crore with the provision that Rs.10 Crore will be infused every year for the next five years taking the total corpus to Rs.100 crore.
The Foundation has been registered with the Charity Commissioner Mumbai and we have also got exemption under Section 80G of Income Tax.
Divisions have been advised to send proposals that come under the purview of the objectives as mentioned above.
The activities in the areas selected will be planned in a way that encourages maximum employee participation and involvement.
LIC is one of the largest families in India consisting of over 1 lac employees and 11 lac agents. Our geographical spread and reach is pervasive. Our brand immediately evokes the feeling of trust. The Golden Jubilee Foundation would provide a great avenue of fulfilling our social responsibility at the corporate level and our philanthropic needs at the individual level.
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