Life Insurance Corporation of India (LIC) is a state-owned insurance and investment company based in Mumbai, India. Here are some complete details about LIC:
History:
LIC was established in 1956 by an Act of Parliament, which nationalized the insurance industry in India. It took over the assets and business of 245 private insurance companies and formed a single entity to provide life insurance services to the Indian public. Over the years, LIC has grown to become the largest life insurance company in India and one of the largest insurers in the world.
Products and Services:
LIC offers a wide range of insurance and investment products to meet the varied needs of its customers. These products include:
- Life insurance plans: LIC offers a variety of life insurance plans such as term insurance, endowment plans, money-back plans, whole life plans, pension plans, and ULIPs (Unit Linked Insurance Plans).
- Health insurance plans: LIC also provides health insurance plans that cover hospitalization expenses, critical illnesses, and surgical procedures.
- Investment plans: LIC offers investment plans such as mutual funds, bonds, and fixed deposits to help customers build their wealth over time.
- Micro insurance plans: LIC has several micro-insurance plans that are specifically designed to provide life insurance coverage to people in low-income groups and rural areas.
Network:
LIC has a vast network of agents, branches, and policies across the country. It has over 1.2 million agents and a presence in over 2,000 cities and towns in India. The company also has a significant presence in other countries, including Nepal, Sri Lanka, and Bahrain.
Financials:
LIC is a significant contributor to the Indian economy, with its investments in various sectors such as infrastructure, housing, and capital markets. As of March 2021, the company had assets worth over Rs. 34 trillion and a market share of over 70% in the Indian insurance market.
Conclusion:
LIC has played a crucial role in promoting life insurance in India and providing financial security to millions of people. Its commitment to customer service, coupled with a vast range of products and a strong financial position, has made it a trusted brand in the insurance industry.