Life Insurance Corporation of India is the biggest government-owned life insurer in India. The company is also the biggest investor in India. The Government of India is the overall owner of the company. The headquarters of LIC India are located in Mumbai. The company offers life insurance plans for both individuals and employee groups.
LIC India finances 24% of the outlays of the Government of India. The insurer carries out its operations with the help of 100 divisional offices, 8 zonal offices, 2,048 branch offices and 10,02,149 agents.
The asset value of the company has been evaluated at Rs. 9.31 trillion (US$ 202.03 billion).
History of Life Insurance Corporation of India
LIC of India was incorporated in 1956 with the amalgamation of over 200 insurance companies and provident societies. Previously, it was known as Oriental Life Insurance Company. The company was the first to offer life coverage in India. It was set up in Kolkata by Bipin Behari Dasgupta in 1818. The first national insurance carrier was Bombay Mutual Life Assurance Society, established in 1870. Other insurance providers set up in the pre-independence period include the following:
- United India (1906)
- Bharat Insurance Company (1896)
- National Insurance (1906)
- National Indian (1906)
- HindustanCo-operatives (1907)
- Co-operative Assurance (1906)
- General Assurance
- Indian Mercantile
- Swadeshi Life (later Bombay Life)
After the introduction of the Life Insurance Act and Provident Fund Act in 1912, the company underwent a series of mergers and acquisitions. Nationalization of the Insurance industry in India sped up this procedure. The company ranks as the biggest government insurer at the present time.
Products and services of Life Insurance Corporation of India
The products and services of LIC India are as follows:
- Pension Plans
- Insurance Plans
- Special Plans
- Unit Plans
- Group Scheme
- Withdrawn Plans
Subsidiaries and affiliates of LIC India
Given below are the names of the subsidiaries and affiliates of Life Insurance Corporation of India:
- LIC Mauritius
- LIC Fiji
- LIC Representative Office, Singapore
- LIC United Kingdom
- LIC (Nepal) Ltd
- LIC (International) B.S.C (C), Bahrain
- Saudi Indian Company for Co-op. Insurance, KSA.
- LIC (Lanka) Ltd
- LIC Mauritius Offshore Ltd.
- Kenindia Assurance Co. Ltd., Kenya.
- LIC Singapore Offshore Ltd.
- LIC Housing Finance Ltd.
- LIC HFL Financial Services Ltd
- LIC Mutual Fund AMC Ltd.
- LICHFL Care Homes Ltd.
- LIC Pension Fund Limited
- LIC Cards Services Ltd.