LIC Information

Life Insurance Corporation of India (abbreviated as LIC) is an Indian state-owned insurance group and investment corporation owned by the Government of India. The Life Insurance Corporation of India was founded in 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. The central office in Mumbai, with 8 Zonal offices,109 divisional offices,2048 fully computerized branches and to serve rural people LIC now opened 992 satellite offices in rural areas. As of 2019, Life Insurance Corporation of India had a 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 policyholders. The performance of LIC has been exemplary and it has been growing from strength to strength be its customer base, agency network, branch office network, and the like. LIC has played a significant role in spreading life insurance among the masses and mobilization of people’s money for people’s welfare. Even after the entry of private insurers for almost a decade now, LIC continues to be the front runner in the industry in terms of market share. Our Products: We have in our basket more than 40 different plans catering to the differing needs of different segments of the society – basic insurance plans (whole life, endowment, and money-back), Term Assurance Plans, Pension Plans, Unit linked Market Plans(ULIP), Health Plan, etc.