Life Insurance Corporation
Overview of the Life Insurance Corporation of India
Life Insurance Corporation of India
The Life Insurance Corporation of India (LIC) is a state-owned insurance group and investment corporation owned by the Government of India. It is the largest insurance company in India, with an estimated asset value of _31 trillion (US$450 billion) as of 2019.
History
The Life Insurance Corporation of India was founded on 1 September 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.
Operations
LIC provides a wide range of insurance products to its customers, including life insurance, health insurance, and pension plans. It operates through a network of agents, branches, and online platforms to reach its customers across India.
Products
LIC offers various insurance products, including:
- Whole life insurance
- Term insurance
- Endowment plans
- Money back plans
- Pension plans
- Health insurance
Headquarters
The headquarters of LIC is located in Mumbai, Maharashtra, India. The iconic LIC Building in Chennai is one of the prominent landmarks associated with the corporation.
Impact
LIC has played a significant role in the development of the insurance sector in India. It has contributed to the financial security of millions of Indians and has been a major player in the Indian financial market.
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Contributors: Prab R. Tumpati, MD
