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of <h1>New Sections 28B & 28C: LIC Dividend Rules Revised, Focus on Actual Profits and Unclaimed Dividend Transfers to Protection Fund</h1> The amendments to the Life Insurance Corporation Act, 1956, through the Finance Act, 2021, introduce sections 28B and 28C. Section 28B outlines the conditions under which the Corporation can declare dividends, specifying that dividends must come from actual profits, excluding unrealized gains, and after accounting for depreciation. Interim dividends are allowed under certain conditions, and dividends must be paid in cash to registered members. Section 28C mandates the transfer of unpaid dividends to a special account after 30 days, with unclaimed amounts eventually moving to the Investor Education and Protection Fund after seven years. It also details the process for claiming unpaid dividends and the transfer of shares related to unclaimed dividends.
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