The Life Insurance Corporation of India (LIC of INDIA) came into existence on 1st Sept.1956 with the objective of spreading Life Insurance more widely and in particular to the rural areas with a view to reach all insurable persons in country, providing them adequate financial cover at a reasonable cost. LIC is the only Insurance company which have SOVERIGN GUARANTEE backed by Government of India.
LIC of INDIA have a wide network of 2048 Branches, Satellite Offices and many Mini Offices. It is the ‘Most Trusted Brand’ not only in India but all over world’s Financial Market. LIC invest huge amount in every 5 year plan of Government ‘To Build The Nation’.
It (LIC of INDIA) is an Indian State-Owned insurance group and investment corporation. It is India’s largest insurance company and one of the largest institutional investors in the world, with total assets under management worth ₹52.52 Trillion (US$630 billion) as of March 2024 (Annal Reports).
Headquartered in Mumbai, Maharashtra, it has a network of Divisional Offices/Branch Offices/Satellite Offices/Premium Points across India. It offers a wide range of life insurance products, including term life insurance, endowment policies, whole life policies, pension plans, and health insurance. LIC also provides investment services, such as mutual funds and ULIPs.
LIC plays a significant role in the Indian economy by mobilizing savings, investing in government securities and infrastructure projects, and providing financial security to millions of Indians. It is one of the most trusted and respected brands in India.
The Life Insurance Corporation of India (LIC) is a behemoth in the Indian insurance sector, holding the distinction of being the largest insurance company in the country. It’s a public sector undertaking, firmly under the ownership of the Government of India.
A Brief History
LIC of INDIA was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act 1956, Nationalizing the insurance industry in India. Over 245 insurance companies and provident societies were merged to form LIC.
A Pillar of the Indian Economy
LIC’s impact extends far beyond its core insurance business. It functions as a significant institutional investor, playing a crucial role in mobilizing savings and channeling funds into various sectors of the economy. A substantial portion of its investments is directed towards government securities, infrastructure projects, and other productive endeavors.
A Comprehensive Range of Products
LIC of INDIA offers a diverse range of life insurance products tailored to meet the varied needs of its customers. These include:
- Term Life Insurance: Provides financial protection to the family in the unfortunate event of the policyholder’s untimely demise.
- Endowment Plans: Combines life insurance coverage with savings, offering a lump sum maturity benefit along with life cover.
- Whole Life Insurance: Provides lifelong coverage, ensuring financial security for the family even after the policyholder’s passing.
- Pension Plans: Designed to secure a comfortable retirement, offering regular income post-retirement.
- Health Insurance: Covers medical expenses, providing financial support during illness or accidents.
- Unit-Linked Insurance Plans (ULIPs): A hybrid product that combines life insurance with investment options, allowing policyholders to participate in market-linked returns.
LIC of INDIA has earned a reputation for trust, reliability, and customer satisfaction. Its strong brand image, coupled with a vast network of branches and agents, has enabled it to reach millions of Indians. The company’s commitment to ethical practices, sound investment strategies, and prompt claim settlement has further solidified its position as a leading financial institution.
A Significant Contributor to Social and Economic Development
Beyond its core business, LIC actively engages in various social initiatives. It supports education, healthcare, and environmental conservation programs, contributing to the overall well-being of society.
In conclusion, LIC of India stands as a symbol of financial security and nation-building. Its enduring legacy is rooted in its unwavering commitment to its policyholders, its significant role in the Indian economy, and its unwavering dedication to fulfilling its social responsibilities.
Performance Parameters Of LIC of INDIA
