Life Insurance Corporation
Life Insurance Corporation of India (LIC) is an Indian multinational Central Public sector life insurance company headquartered in Mumbai. It is India's largest insurance company as well as the largest institutional investor with total assets under management worth ₹52.52 trillion (US$630 billion) as of March 2024.[3] It is under the ownership of Government of India and administrative control of the Ministry of Finance.[4]
Company type
1 September 1956
- Siddharth Mohanty (Chairperson)
- R Doraiswamy (Managing Director)
- M Jagannath (Managing Director)
- Tablesh Panday (Managing Director)
₹856,950 crore (US$100 billion) (2024)[1]
₹41,057 crore (US$4.9 billion) (2024)[1]
₹40,916 crore (US$4.9 billion) (2024)[1]
₹5,252,252.14 crore (US$630 billion) (2024)[1]
₹82,890 crore (US$9.9 billion) (2024)[1]
Government of India (96.5%)[2]
95,700 (2023)[1]
- LIC Pension Fund Limited
- LIC Mutual Fund
- LIC Cards Services Ltd
- LIC Housing Finance
National Stock Exchange (NSE)
The Life Insurance Corporation of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act, nationalising the insurance industry in India. Over 245 insurance companies and provident societies were merged.[5][6]
LIC reported 290 million policyholders as of 2019, a total life fund of ₹28.3 trillion, and a total value of sold policies in the year 2018–19 of ₹21.4 million. The company also reported having settled 26 million claims in 2018–19. It ranked 98th on the 2022 Fortune Global 500 list with a revenue of ₹775,283 crore (equivalent to ₹8.2 trillion or US$98 billion in 2023) and a profit of ₹4,415 crore (equivalent to ₹47 billion or US$560 million in 2023).[7]
Golden Jubilee Foundation[edit]
The LIC Golden Jubilee Foundation was established in 2006 as a charity organization. The entity has the aim of promoting education, alleviating poverty, and providing better living conditions for the underprivileged. The Golden Jubilee Scholarship award is one of the best known parts of the foundation. Each year, this award is given to the meritorious students in the 12th standard who wish to continue their studies, and have a parental income less than ₹200,000 (US$2,400).[16]
Holdings[edit]
The LIC invests in sectors such as banks, cement, chemicals and fertilizers, electricity and transmission, electrical and electronics, engineering, construction and infrastructure, fast-moving consumer goods, finance and investments, healthcare, hotels, information technology, metals and mining, motor vehicles, and ancillaries, oil and natural resources, retail, textiles, transportation, and logistics.[17]
