Life Insurance Corporation of India Auditor Reports

To The Members of Life Insurance Corporation of India

Report on the Audit of the Standalone Financial Statements Opinion

1. We have audited the accompanying standalone financial statements of Life Insurance Corporation of India ("the Corporation"), which comprise of the standalone balance sheet as at March 31, 2023, the standalone revenue account (also called the "Policyholders Account" or the "Technical Account"), standalone profit and loss account (also called the "Shareholders Account" or the "Non - Technical Account") and the standalone receipts and payments account (also called as the "Cash Flow Statement") for the year ended March 31 2023, and a summary of significant accounting policies and other explanatory information, in which are included 8 Divisional Offices and 3 units of Pension & Group Schemes audited by us, 105 Divisional Offices and 71 units of Pension & Group Schemes audited by other auditors appointed by the Corporation and audited returns of 3 foreign branches (Fiji, Mauritius and United Kingdom) audited by their respective local auditors.

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements are prepared, in accordance with the Life Insurance Corporation Act 1956 ( the "LIC Act"), as amended, the Insurance Act, 1938 (the "Insurance Act"), as amended, Insurance Regulatory and Development Act, 1999 (the "IRDA Act"), Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations, 2002 (the "Regulations"), including orders/ directions/ circulars issued by the Insurance Regulatory and Development Authority of India ("IRDAI"), including the accounting standards specified under section 133 of the Companies Act, 2013, to the extent applicable and in the manner so required and give a true and fair view in conformity with accounting principles generally accepted in India, as applicable to insurance companies: i. in the case of the Balance Sheet, of the state of affairs of the Corporation as at March 31, 2023; ii. in the case of the Revenue Account, of the net surplus for the year ended on that date; iii. in the case of the Profit and Loss Account, of the profit for the year ended on that date; and iv. in the case of the Receipts and Payments Account, of the receipts and payments for the year ended on that date.

Basis for Opinion

3. We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India ("ICAI"). Our responsibilities under those standards are further described in the auditors responsibilities for the audit of Financial Statements section of our report. We are independent of the Corporation in accordance with the code of ethics issued by the ICAI together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the LIC Act, as amended, the Insurance Act, as amended; the IRDA Act; Regulations and orders / circulars issued by IRDAI and we have fulfilled our other ethical responsibilities in accordance with these requirements and the code of ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.

Emphasis of Matters

4. We invite attention to: a. Note No. 12(D) regarding liability on account of additional contribution of Rs. 11,12,466.00 lakhs, arisen due to fresh option to employees in financial year 2019-20, which is being provided over a period of five years from financial year 2019-20 in accordance with the approval granted by IRDAI vide its letter no. 101/2/F&A-Life/LIC/2018-19/208 dated 06-07-2020. Accordingly, an amount of Rs. 2,22,493.00 lakhs has been charged to Revenue Account for the year ended March 31, 2023 and balance amount of Rs. 2,22,494.00 lakhs is to be provided over the period upto March 31, 2024. b. Note No. 20 regarding estimated additional provision of Rs. 11,54,375.87 Lakhs made for Employees retirement benefits due to the wage revision which became due with effect from 01/08/2022.

c. Note No. 23 regarding change in accounting policy resulting in transfer of Rs.27,24,075.30 lakhs (Net of Tax) pertaining to the accretion on the Available Solvency Margin from Non-Par to Shareholders Account due to which the Profit for the financial year ended as on 31/03/2023 has increased to that extent. d. Note No. 24 regarding reduction in the provision for Income Tax for F.Y. 2022-23 by Rs. 7,18,599.85 lakhs as the provision has been made on the shareholders share in the "Actuarial Valuation Surplus" as against total "Actuarial Valuation Surplus" in respect of participating line of business.

Our opinion is not modified in respect of the above matters.

Key Audit Matters

5. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current year. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matter below to be the key audit matter to be communicated in our report.

Key audit matters	How our audit addressed the key audit matters
Classification and Valuation of Investments (31.03.2023: Rs. 42,63,822.79 crore and 31.03.2022: Rs.39,61,531.62 crore)		We have carried out the following key audit procedures:
(Refer Schedule 8, 8A and 8B of the financial statements. Refer schedule 15A(A)6 to the financial statements for accounting policy.)	•Understood the Corporations process and procedures and tested controls to ensure proper classification and valuation/ impairment of investments.
The Corporations investment portfolio is bifurcated into linked and non-linked. The investment portfolio forms significant portion of the total assets of the Corporation.	•Tested recording of investments on sample basis and verified classification of investments and compliance with Investment Regulations and policies approved by Board of Directors of the Corporation.
As prescribed by Insurance Regulatory and Development Authority of India (the "IRDAI"), all investments should be in accordance with the Insurance Regulatory and Development Authority of India (Investment Regulations, 2016) (the "Investment Regulations") and policies approved by Board of Directors of the Corporation.	Assessed valuation of securities to examine whether the same is in accordance with the Investment Regulations and Corporations accounting policies. Tested impairment/provision of securities (including reversal), which have been observed and are in accordance with the Investment Regulations and Corporations impairment policies.
Also, all investments should be valued as prescribed in the Investment Regulations which prescribe the valuation methodology to be adopted for each class of investments.	In respect of unlisted and other than actively traded investments, we evaluated the Corporations valuation methodology and assumptions and corroborated these with Investment Regulations and Corporations internal policies including those related to impairment.
The unlisted or other than actively traded investments are measured at historical cost less provision for diminution/ impairment, which involves management judgement and estimate.	For any changes in ratings of the investee company, we examined the Corporations assessment with the Investment Regulations and Corporations internal policies for reclassification and valuation.
Further, due to the reassessment of the investee companys rating, there could be a need for reclassification of investment and consequent impact on its valuation / impairment keeping in view the Investment Regulations and/ or Corporations internal policies.	We have perused the available concurrent audit reports on investments.
Hence, the valuation of investments was considered to be one of the areas which required our significant attention and was one of the key audit matters due to the materiality of total value of investments to the financial statements.	Based on the aforesaid procedures carried out by us, we have not come across any significant matter, which indicates that the investments were not properly classified or valued.
Appropriateness of the Timing of Revenue Recognition in the proper period	Our procedures included the following:
Refer Schedule 1 of the standalone financial statement.	Understood and evaluated the design and operating effectiveness of process and controls relating to recognition of revenue.
During the year, the Corporation has recognised net premium revenue of Rs 4,74,00,461.05 lakhs.	Testing of key controls for ensuring that the revenue has been accrued in the correct accounting period.
We have focused on this area because of the significant concentration of revenue during the last quarter of financial year (including cut-off at the Balance sheet date). Due to the nature of the industry, revenue is skewed towards the balance sheet date. Hence, there is possibility that policy sales of the next financial year are accounted in the current period.	Tested on a sample basis the policies at the year end to confirm if related procedural compliances with regard to acceptability of the terms of policy were completed before the year end to ensure appropriate accounting of revenue.
	Tested on a sample basis unallocated premium proposal deposit / premium deposit to ensure that there were no policies where risk commenced prior to balance sheet but revenue was not recognised.
	Based on the aforesaid procedures carried out by us, we have not come across any significan t matter, which suggests that the revenue recognition is not accounted in the correct period.
Contingencies relating to certain matters pertaining to Income Tax	Our procedures included the following:
Refer note no. B(1) of schedule 15(A) to the financial statements.	Understood Managements process and control for determining tax litigations and its appropriate accounting and disclosure.
The Corporation has received various demand notices (mostly industry specific) from the tax authorities in respect of matters relating to Income Tax.	Discussed pending matters with the Corporations legal counsel and in-house tax experts.
The said matters mainly involving material amounts are pending before Supreme Court and High Courts.	Assessed managements conclusions to gain an understanding of the current status of the tax cases and monitoring of changes in disputes to establish that the tax provisions reflect the latest external developments.
The management with the help of its expert, as needed, have made judgments relating to the likelihood of an obligation arising and whether there is a need to recognise a provision or disclose a contingent liability. We focused on this area as a result of uncertainty, use of managements judgement for assessment and potential material impact on the financial statements.	Based on the aforesaid procedures carried out by us, in view of the contingencies relating to certain matters pertaining to Income Tax, we determined the extent of provisioning and disclosure of contingent liabilities as at March 31, 2023 to be reasonable.

Information Other than the Standalone Financial Statements and Auditors Report thereon

6. The Corporations Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements and our auditors report thereon. The annual report is expected to be made available to us after the date of this auditors report.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

When we read the annual report, if we conclude that there is a material misstatement therein, we will communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for Standalone Financial Statements

7. The Corporations Board of Directors is responsible for the preparation and presentation of these Standalone Financial Statements in terms of the requirements of the LIC Act, as amended, so that they give a true and fair view of the balance sheet, the revenue account, the profit and loss account and the receipts and payments account of the Corporation, in accordance with accounting principles generally accepted in India including the provisions of the LIC Act, as amended , the Insurance Act, as amended read with the IRDA Act, the Regulations, order/ directions issued by the IRDAI in this regard and in accordance with the accounting principles generally accepted in India, including the accounting standards specified under section 133 of the Companies Act, 2013 to the extent applicable and in the manner so required.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the LIC Act, as amended, the Insurance Act, as amended; IRDA Act; Regulations and orders / circulars issued by the IRDA for safeguarding of the assets of the Corporation and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management is responsible for assessing the Corporations ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Corporation or to cease operations, or has no realistic alternative but to do so.

The Corporations Board of Directors are also responsible for overseeing the Corporations financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Financial Statements

8. Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

9. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: i. Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. ii. Obtain an understanding of the internal controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. iii. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. iv. Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Corporation to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Corporation to cease to Continue as a going concern. v. Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation. vi. Obtain sufficient appropriate audit evidence regarding the financial information of the divisions / branches / units to express an opinion on the standalone financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of divisions/ branches/ units included in the standalone financial statements of which we are the independent auditors. For the other divisions/ branches/ units included in the standalone financial statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

10. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal controls that we identify during our audit. 11. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

12. From the matters communicated with those charged with governance, we determine those matters that were of most signific ance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matters

13. As noted above, the audited financial statements/ information of the 3 foreign branches (United Kingdom, Mauritius and Fiji) included in the Standalone Financial Statements reflect total assets of Rs.4,73,832.70 Lakhs as at March 31, 2023, total revenue of Rs. 62,823.95 Lakhs and net profit of Rs. 85.49 Lakhs for the year ended March 31, 2023. Our opinion on the standalone financial statements, in so far as it relates to the amounts and disclosures included in respect of these 3 foreign branches is based solely on report of such other auditors.

14. We did not audit the financial statements / information of 105 Divisional Offices (DO) including branches there under and 71 units of Pension & Group Schemes (P&GS) included in the Standalone Financial Statements of the Corporation whose audited financial statements / information, have been audited by the divisional / branch auditors whose reports have been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of divisions / branches, is based solely on the report of such divisional / branch auditors.

The information of total assets and total revenue in respect of the branches audited by other auditors are not separately compiled as the divisions receive only trial balances of each branch which are consolidated at division level and thereafter at zonal level. 15. The actuarial valuation of liabilities for life policies in-force and policies where premium is discontinued is the responsibility of the Corporations Appointed Actuary (the "Appointed Actuary"), has been certified by them in accordance with the regulations, as mentioned in paragraph 17 below. Accordingly, we have relied upon the Appointed Actuarys certificate for forming our opinion on the standalone financial statements of the Corporation.

Our opinion is not modified in respect of the above matters.

Report on other legal and regulatory requirements

16. As required by the Regulations, we have issued a separate certificate dated May 24, 2023 certifying the matters specified in paragraphs 3 and 4 of Schedule C to the Regulations.

17. The Actuarial Valuation of liabilities for life policies in force and policies in respect of which premium has been discontinued but liability exists as at March 31, 2023 is the responsibility of the Corporations appointed actuary (‘the Appointed Actuary). The Appointed Actuary has duly certified the actuarial valuation of liabilities and the fund for future appropriation for life policies in force and policies in respect of which premium has been discontinued but liability exists as at March 31, 2023 and in his opinion the assumptions for such valuation are in accordance with the guidelines and norms issued by the Insurance Regulatory and Development Authority of India and the Institute of Actuaries of India in concurrence with the Insurance Regulatory and Development Authority of India. We have relied upon the Appointed Actuarys Certificate in this regard for forming our opinion on the valuation of liabilities and the fund for future appropriation for life policies in force and for polices in respect of which premium has been discontinued but liability exists in the financial statements of the Corporation.

18. As per para 6(5) of Master circular No. IRDA/F&A/CIR/MISC/282/11/2020 dated 17/11/2020, the "Outstanding unclaimed amounts/ deposits" and "Interest accrued on unclaimed amounts" aggregating to Rs 19,07,168.47 Lakhs does not match with the "Assets pertaining to unclaimed amounts" of Rs. 19,03,265.03 Lakhs.

19. Further, to our comments in the Certificate referred to in paragraph 16 above, as required under the Schedule C of Regulation 3 of IRDA Regulations and also as required under sub section (3) of Section 25B to the LIC Act (as amended) we report that; i. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and have found them to be satisfactory. ii. In our opinion and to the best of our information and according to the explanations given to us, proper books of account as required by law have been maintained by the Corporation so far as it appears from our examination of those books; iii. In our opinion proper returns of Divisional Offices and branches have been received and found them adequate for the purpose of audit; iv. The Balance sheet, Revenue account, Profit and Loss account and the Receipts and Payments Account dealt with by this report are in agreement with the books of account and returns; v. In our opinion and to the best of our information and according to the explanations given to us, the Investments have been valued in accordance with the provisions of the Insurance Act, Regulations and orders / directions issued by IRDA in this behalf; vi. In our opinion and to the best of our information and according to the explanations given to us, the accounting policies adopted by the Corporation are appropriate and are in compliance with the applicable accounting standards specified under section 133 of the Companies Act, 2013, to the extent not inconsistent with the accounting principles prescribed in the IRDA Regulations and orders / directions / circulars issued by IRDA in this regard. vii. No directors are as per clause (i) of section 4A of the LIC Act (as amended). viii. There are no qualification or adverse remarks relating to maintenance of accounts and matters connected therewith; ix. The Corporation has adequate Internal financial controls over financial statements in place and they are operating effectively as on March 31, 2023. Refer to our separate report as Annexure A for opinion over Internal financial controls over financial statements

Annexure - A to the Auditors Report

Report on the Internal Financial Controls under Clause (i) of sub section (3) of Section 25B to the LIC Act 1956 (as amended)

We have audited the internal financial controls over financial reporting of Life Insurance Corporation of India ("the Corporation") as of March 31, 2023 in conjunction with our audit of the financial statements of the Corporation for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Corporation Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Corporation considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI).These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to corporations policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the LIC Act, 1956 (as amended).

Auditors Responsibility

Our responsibility is to express an opinion on the Corporation internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Corporation internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

The Corporations internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Corporations internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the corporation; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the corporation are being made only in accordance with authorizations of Management and directors of the corporation; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the corporations assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper Management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion and to the best of our information & according to the explanations give to us, the Corporation has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2023, based on the internal control over financial reporting criteria established by the Corporation considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

M/s. R G N Price & Co.	M/s. abm & associates LLP
Chartered Accountants	Chartered Accountants
FRN: 002785S	FRN: 105016W/W-100015
CA A R Parthasarathy	CA Ashwin Morche
Membership No.: 205702	Membership No.:104126
Place: Mumbai	Place: Mumbai
UDIN: 23205702BGWTWM7529	UDIN: 23104126BGXELL6628
M/s. Batliboi and Purohit	M/s. A R & Co.
Chartered Accountants	Chartered Accountants
FRN: 101048W	FRN: 002744C
CA Parag Hangekar	CA Priyanshu Jain
Membership No.: 110096	Membership No.: 530262
Place: Mumbai	Place: Mumbai
UDIN: 23110096BGXDYM2174	UDIN: 23530262BGWUHJ8742
M/s. Todi Tulsyan & Co.	M/s. Ray & Ray,
Chartered Accountants	Chartered Accountants
FRN: 002180C	FRN: 301072E
CA Sushil Kumar Tulsyan	CA Nabanita Ghosh
Membership No.: 075899	Membership No.: 058477
Place: Mumbai	Place: Mumbai
UDIN:23075899BGWYJC9810	UDIN: 23058477BHAGIS2886
M/s. Ramamoorthy (N) & Co.	Chokshi & Chokshi LLP
Chartered Accountants	Chartered Accountants
FRN: 002899S	FRN: 101872W/W100045
CA Surendranath Bharathi	CA Vineet Saxena
Membership No.: 023837	Membership No.: 100770
Place: Mumbai	Place: Mumbai
UDIN: 23023837BGXCVF1478	UDIN: 23100770BGXLHH9505
B C Jain & Co.	Rama K Gupta & Co
Chartered Accountants	Chartered Accountants
FRN: 001099C	FRN: 005005C
CA Shyam Ji Gupta	CA Amit Singhal
Membership No.: 416155	Membership No.: 434384
Place: Mumbai	Place: Mumbai
UDIN: 23416155BBGQBSD4214	UDIN: 23434384BGVNPF5310

INDEPENDENT AUDITORS CERTIFICATE

(Referred to in paragraph 14(1) under "Report on Other Legal and Regulatory Requirements" forming part of our Independent Auditors Report dated May 24, 2023)

To,

Life Insurance Corporation of India

1. This certificate is issued in accordance with the terms of our engagement letter with Life Insurance Corporation of India (the "Corporation"). This certificate is issued to comply with the provisions of paragraphs 3 and 4 of Schedule C of Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations 2002, (the "Regulations"), read with regulation 3 of the Regulations.

Managements Responsibility

2. The Corporations Board of Members is responsible for complying with the provisions of the Life Insurance Corporation Act, 1956 (as amended), Insurance Act, 1938 (as amended); the Insurance Regulatory and Development Authority Act, 1999; the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors Report of Insurance Companies) Regulations, 2002 ("the Regulations") and orders/directions/circulars issued by Insurance Regulatory and Development Authority India ("IRDAI"), including the accounting standards specified under Section 133 of the Companies Act, 2013, to the extent applicable which includes the preparation and maintenance of books of account and the Management Report. This includes collecting, collating and validating data and designing, implementing and monitoring of internal controls suitable for ensuring compliance as aforesaid.

Auditors Responsibilities

3. Pursuant to the requirements of Regulations, it is our responsibility to obtain reasonable assurance and form an opinion based on our audit and examination of books and records as to whether the Corporation has complied with the matters contained in paragraphs 3 and 4 of Schedule C of the Regulations read with regulation 3 of the Regulations.

4. We audited financial statements of the Corporation as of and financial year ended March 31, 2023 on which we issued an unmodified audit opinion vide our report dated May 24, 2023. Our audits of these financial statements were conducted in accordance with Standards on Auditing and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India (‘ICAI). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Our audits were not planned and performed in connection with any transactions to identify matters that may be of potential interest to third parties. 5. We conducted our examination in accordance Certificates with the Guidance Note on Audit Reports and for Special Purposes issued by the Institute of Chartered Accountants of India (the ‘ICAI). The Guidance Note requires that we comply with the independence and other ethical requirements of the Code of Ethics issued by ICAI. 6. We have complied with the relevant applicable requirements of the Standard on Quality Control (‘SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information and Other Assurance and Related Services engagements.

Opinion

7. In accordance with the information and explanations given to us and to the best of our knowledge and belief and based on our examination of the books of account and other records maintained by Life Insurance Corporation of India, for the year ended March 31, 2023, we certify that: a. We have reviewed the Management Report attached to the financial statements for the year ended March 31, 2023, and on the basis of our review, there are no apparent mistakes or material inconsistencies between the Management Report and the standalone financial statements; b. Based on management representations and compliance certificates submitted to the Board of Members by the officers of the Corporation charged with compliance and the same being noted by the Board, nothing has come to our attention that causes us to believe that the Corporation has not complied with the terms and conditions of registration stipulated by IRDA except: ) i As stated in note no. C(10) of schedule 15A of the standalone financial statements, the expenses of management incurred in 5 segments have exceeded the prescribed limits and such excess expenditure have been charged to Revenue Account Policyholders Account as against the requirement of charging the same to Profit and Loss Account - Shareholders Account c. We have verified the cash balances, to the extent considered necessary, and securities relating to the Corporations loans and investments as at March 31, 2023, by actual inspection or on the basis of certificates / confirmations received from the Custodian and/or Depository Participants appointed by the Corporation, as the case may be except as stated in note no. C(18) of schedule 15A of the standalone financial statements.

d. The Corporation does not act as a trustee of any trust; and e. The NAV applicable in case of applications received on the last business day are as indicated in IRDA (Investment) Regulations, 2016 f. No part of the assets of the policyholders funds has been directly or indirectly applied in contravention to the provisions of the Insurance Act, 1938, relating to the application and investment of the Policyholders Fund.

M/s. R G N Price & Co.	M/s. abm & associates LLP
Chartered Accountants	Chartered Accountants
FRN: 002785S	FRN: 105016W/W-100015
CA A R Parthasarathy	CA Ashwin Morche
Membership No.: 205702	Membership No.:104126
Place: Mumbai	Place: Mumbai
UDIN: 23205702BGWTWM7529	UDIN: 23104126BGXELL6628
M/s. Batliboi and Purohit	M/s. A R & Co.
Chartered Accountants	Chartered Accountants
FRN: 101048W	FRN: 002744C
CA Parag Hangekar	CA Priyanshu Jain
Membership No.: 110096	Membership No.: 530262
Place: Mumbai	Place: Mumbai
UDIN: 23110096BGXDYM2174	UDIN: 23530262BGWUHJ8742
M/s. Todi Tulsyan & Co.	M/s. Ray & Ray,
Chartered Accountants	Chartered Accountants
FRN: 002180C	FRN: 301072E
CA Sushil Kumar Tulsyan	CA Nabanita Ghosh
Membership No.: 075899	Membership No.: 058477
Place: Mumbai	Place: Mumbai
UDIN:23075899BGWYJC9810	UDIN: 23058477BHAGIS2886
M/s. Ramamoorthy (N) & Co.	Chokshi & Chokshi LLP
Chartered Accountants	Chartered Accountants
FRN: 002899S	FRN: 101872W/W100045
CA Surendranath Bharathi	CA Vineet Saxena
Membership No.: 023837	Membership No.: 100770
Place: Mumbai	Place: Mumbai
UDIN: 23023837BGXCVF1478	UDIN: 23100770BGXLHH9505
B C Jain & Co.	Rama K Gupta & Co
Chartered Accountants	Chartered Accountants
FRN: 001099C	FRN: 005005C
CA Shyam Ji Gupta	CA Amit Singhal
Membership No.: 416155	Membership No.: 434384
Place: Mumbai	Place: Mumbai
UDIN: 23416155BBGQBSD4214	UDIN: 23434384BGVNPF5310