Life Insurance Corporation of India, LIC will invest Rs 1.5 Lakh crore in Indian Railways over next 5 years for development of various commercially viable projects. Talking to reporters in New Delhi today, Finance Minister Arun Jaitley said, LIC has taken the task of supporting Indian Railways and it is a commercial decision. The investment would be done in bonds issued by various railway entities such as Indian Railways Finance Corporation, beginning next fiscal. An MoU was signed in this regard in the presence of Finance Minister Arun Jaitley and Railway Minister Suresh Prabhu.Making the announcement in Lok Sabha, before the House took up Railway Budget for consideration ,Railway Minister Suresh Prabhu said this is a significant move to complete various projects now underway. Mr. Prabhu said the repayment will be made to LIC in 30 years.