Life Insurance Corporation of India

About Life Insurance Corporation of India

State-owned public sector life insurance corporation. Largest financial institution and life insurance organization in India. The central office is in Mumbai, with 8 zonal offices, 109 divisional offices, and 2048 fully computerized branches. To serve rural people, LIC has opened 992 satellite offices in rural areas. History: 245 Indian and foreign insurers and provident societies were taken over by the central government and nationalized. LIC was formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India. The Parliament of India passed the Life Insurance Corporation Act on June 19, 1956, and the Life Insurance Corporation of India was created on September 1, 1956. On September 1, 1956, The Life Insurance Corporation of India (LIC) embarked upon its momentous journey in the true spirit of serving the people and the nation as a whole. Since then, it has spearheaded the financial and infrastructure development of the nation. The performance of LIC has been exemplary, and it has been growing from strength to strength, be it customer base, agency network, or branch office network. LIC has played a significant role in spreading life insurance among the masses and mobilizing 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.