Life Insurance Corporation

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Life Insurance Corporation (LIC) is a state-owned insurance group and investment corporation in India. It is the largest insurance company in India with an estimated asset value of ₹3,111,847 crore (US$440 billion).

History

The Life Insurance Corporation was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalized the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation.

Operations

LIC offers a variety of insurance products to its customers such as insurance plans, pension plans, unit-linked plans, special plans and group schemes. LIC's portfolio consists of a wide range of products and services, including life and health insurance, investment management, and mutual funds.

Financial Performance

As of 2019, LIC 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 settles its claims on its own and does not hire any third party for the purpose.

Criticism

Despite its large market share, LIC has often been criticized for its monopolistic control over the Indian life insurance sector. The entry of private insurers, many of whom have partnered with international insurance companies, has introduced more competition in the sector.

See also

References

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