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Life Insurance Corporation

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Life Insurance Corporation

Life Insurance Corporation
TypeStatutory Corporation established by an
Act of Parliament-
LIC Act 1956
IndustryFinancial services
Founded1 September 1956 (64 years ago) (1956-09-01)
HeadquartersMumbai, India
Key people
  • M. R. Kumar
    (Chairman)
  • T. C. Suseel Kumar
    (Managing Director)
  • Vipin Anand
    (Managing Director)
  • Mukesh Gupta
    (Managing Director)
  • Rajkumar
    (Managing Director)
Products
RevenueIncrease 56,078,439 lakh (US$79 billion) (2019)[1]
Increase 270,348 lakh (US$380 million) (2019)[1]
Increase 268,849 lakh (US$380 million) (2019)[1]
Total assetsIncrease 311,184,727 lakh (US$440 billion) (2019)[1]
OwnerGovernment of India (100%)
Number of employees
114,000 (2020)[1]
Subsidiaries
Websitewww.licindia.in

Life Insurance Corporation of India (abbreviated as LIC) is an Indian state-owned insurance and investment corporation.

The Life insurance Corporation of India was established on September 1, 1956, when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation of India.[2][3]

As of 2019, Life Insurance Corporation of India had total life fund of ₹28.3 trillion. The total value of sold policies in the year 2018-19 is ₹21.4 million. Life Insurance Corporation of India settled 26 million claims in 2018–19. It has 290 million policy holders.

  1. ^ a b c d e "Life Insurance Corporation Ltd. Financial Statements". licindia.in.
  2. ^ Anushka. "LIC – Life Insurance Corporation Of India". My LIC India. Retrieved 18 February 2020.
  3. ^ https://www.licindia.in/getattachment/Bottom-Links/annual-report/LIC-Annual-Report-2015-16.pdf.aspx