Indian state owned life insurance company

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Life Insurance Corporation of India (LIC) is an Indian statutory insurance and investment corporation headquartered in the city of Mumbai, India. It is under the ownership of Government of India.

The Life insurance Corporation of India was established 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.[2][3]

As of 2019, Life Insurance Corporation of India had total life fund of ₹28.3 trillion. The total value of sold policies in the year 2018–19 is ₹21.4 million. Life Insurance Corporation of India settled 26 million claims in 2018–19. It has 290 million policy holders.


  • 1 History
    • 1.1 Founding organisations
    • 1.2 Nationalization in 1956
    • 1.3 Initial public offering
  • 2 Structure
  • 3 LIC’s Contribution to the five year plans over the years
    • 3.1 Growth as a monopoly
    • 3.2 Liberalisation post 2000s
  • 4 Operations
  • 5 Slogan
  • 6 Awards and recognitions
  • 7 Employees and agents
    • 7.1 Agency strength
  • 8 Initiatives
  • 9 Holdings
  • 10 See also
  • 11 References
  • 12 External links


LIC Building at Chennai, was the tallest building in India when it was inaugurated in 1959

Founding organisations[edit]

The Oriental Life Insurance Company, the first company in India offering life insurance coverage, was established in Kolkata in 1818. Its primary target market was the Europeans based in India, and it charged Indians heftier premiums.[4] Surendranath Tagore had founded Hindustan Insurance Society, which later became Life Insurance Corporation.[5]

The Bombay Mutual Life Assurance Society, formed in 1870, was the first native insurance provider. Other insurance companies established in the pre-independence era included

  • Postal Life Insurance (PLI) was introduced on 1 February 1884
  • Bharat Insurance Company (1896)
  • United India (1906)
  • National Indian (1906)
  • National Insurance (1906)
  • Co-operative Assurance (1906)
  • Hindustan Co-operatives (1907)
  • The New India Assurance Co Ltd (1919)
  • Indian Mercantile
  • General Assurance
  • Swadeshi Life (later Bombay Life)
  • Sahyadri Insurance (Merged into LIC, 1986)

The first 150 years were marked mostly by turbulent economic conditions. It witnessed India’s First War of Independence, adverse effects of the World War I and World War II on the economy of India, and in between them the period of worldwide economic crises triggered by the Great depression. The first half of the 20th century saw a heightened struggle for India’s independence. The aggregate effect of these events led to a high rate of and liquidation of life insurance companies in India. This had adversely affected the faith of the general in the utility of obtaining life cover.

Nationalization in 1956[edit]

In 1955, parliamentarian Feroze Gandhi raised the matter of insurance fraud by owners of private insurance agencies. In the ensuing investigations, one of India’s wealthiest businessmen, Sachin Devkekar, owner of the Times of India newspaper, was sent to prison for two years.[6]

The Parliament of India passed the Life Insurance of India Act on 19 June 1956 creating the Life Insurance Corporation of India, which started operating in September of that year. It consolidated the business of 245 private life insurers and other entities offering life insurance services; this consisted of 154 life insurance companies, 16 foreign companies and 75 provident companies. The nationalization of the life insurance business in India was a result of the Industrial Policy Resolution of 1956, which had created a policy framework for extending state control over at least 17 sectors of the economy, including life insurance.[citation needed]

Initial public offering[edit]

Finance Minister Nirmala Sitharaman announced a proposal to conduct an initial public offering for LIC in the 2021 Union Budget.[7] The IPO opens on 4th May 2022 and closes on 9th May 2022. [8]The Government of India will remain the majority shareholder after the public listing. Ten percent of shares are proposed to be allotted to existing LIC policyholders.[9] In year 2021, government of India had proposed to significantly enhance the authorised capital of Life Insurance Corporation of India (LIC), to ₹250 billion (US$3.3 billion) to facilitate its public listing scheduled for the next fiscal year which will begin on 1 April.[10]

Due to the scale of the offering and LIC’s ownership structure, the deal has been referred to as “India’s Aramco moment” in reference comparable importance and scale of 2019 IPO of Saudi Aramco.[11]

The latest development in the LIC IPO is the slashing of issue size from 5% to 3.5% of total equity of the company. LIC will open its IPO to the public on May 4 and the process concludes on May 9.[12] Through this IPO, the Government of India, the sole owner of LIC, is now aiming to raise ₹21,000 crore, as opposed to raising between ₹65,000 crore to ₹70,000 crore by diluting 5% equity earlier, indicating more than 50% compromise on valuation as well.[13]As per the IPO price band for 3.5% stakes for Rs. 21,000 crore, the valuation comes to around Rs 6 lakh crore.


The LIC’s executive board consists of Chairman, currently M R Kumar, and Managing Directors, Vipin Anand, T. C. Suseel Kumar, Mukesh Kumar Gupta and Raj Kumar[14][15]

The Central Office of LIC is based out of Mumbai which sits The Chairman, all four Managing Directors, and all Executive Directors (Department Heads). LIC has a total of 8 Zonal Offices namely Delhi, Chennai, Mumbai, Hyderabad, Kanpur, Kolkata, Bhopal & Patna.

LIC Zonal Office, ‘Night View From Connaught Place Park’

LIC’s Contribution to the five year plans over the years[edit]

Growth as a monopoly[edit]

From its creation, the Life Insurance Corporation of India, which commanded a monopoly of soliciting and selling life insurance in India, created huge surpluses and by 2006 was contributing around 7% of India’s GDP.[citation needed]

The corporation, which started its business with around 300 offices, 5.7 million policies and a corpus of ₹45.9 crores (US$92 million as per the 1959 exchange rate of roughly ₹5 for US$1),[16] had grown to 25,000 servicing around 350 million policies and a corpus of over ₹800,000 crore (US$100 billion) by the end of the 20th century.

Liberalisation post 2000s[edit]

In August 2000, the Indian Government embarked on a program to liberalise the insurance sector and opened it up for the private sector. LIC emerged as a beneficiary from this process with robust performance, albeit on a base substantially higher than the private sector.

In 2013, the first year premium compound annual growth rate (CAGR) was 24.53% while total life premium CAGR was 19.28% matching the growth of the life insurance industry and outperforming general economic growth.[17]


Today LIC functions with 2048 fully computerized branch offices, 8 zonal offices, around 113 divisional offices, 2,048 branches and 1408 satellite offices and the Central Office;[18] it also has 73[19] customer zones and 25 metro-area service hubs located in different cities and towns of India. It also has a network of 1,537,064 individual agents, 342 Corporate Agents, 109 Referral Agents, 114 Brokers and 42 Banks for soliciting life insurance business from the public.

The LIC has 22 departments each headed by an Executive Director namely Marketing, Bank assurance (B&AC), Corporate Communication, Personnel, CRM, Direct Marketing, E&OS, F&A, IT/BPR, Inspection, Investment, SBU/Estates, Investment Operations, P&GS, Actuarial, Chairman Sectt, F&A, Micro Insurance, RTI, HRD, Engineering, and Vigilance.[19]

The LIC has 8 Zonal Offices headed by a Zonal Manager(I/C) (Executive Director Cadre) who is one of the key decision-makers of the corporation after the Board

The LIC follows a horizontal line of command & vertical line of command, while each department is headed by an Executive Director, the Zonal offices are headed by a Zonal Manager who oversees all the departments & divisions of the Zone – making him de facto CEO of the Zone. The zonal departmental heads are Regional Managers. Divisions are headed by Sr. Divisional Manager(I/C) who oversees all the departments & branches of the division. There are 3 layers of Horizontal Management namely Senior Divisional Manager(I/C), Zonal Manager(I/C) & the Chairman/MD. There are also 3 layers of vertical management namely Managers of Divisions, Regional Managers of Zonal Office & the Executive Directors of Central office. Horizontal Management is considered key managers of the corporation.

Now LIC also has the 1899 branches of IDBI bank at its disposal thus it can carry out its insurance business through these branches of the bank.


LIC’s slogan योगक्षेमम् वहाम्यहम (yogakshemam vahamyaham) is in Sanskrit which loosely translates into English as “Your welfare is our responsibility”. This is derived from the 22nd verse of the Bhagavad Gita’s 9th chapter.[20] The slogan can be seen in the logo, written in Devanagari script.
This line means “I carry what they lack, and I preserve what they have” (refers to Krishna speaking to Arjuna), when taken in context of the entire verse.

Awards and recognitions[edit]

  • The Economic Times Brand Equity Survey 2012 rated LIC as the No. 6 Most Trusted Service Brand of India.[21]
  • From the year 2006, LIC has been continuously winning the Reader’s Digest Trusted brand award.
  • Voted India’s Most Trusted brand in the BFSI category according to the Brand Trust Report for 4 continuous years – 2011–2014 according to the Brand Trust Report.[22]

Employees and agents[edit]

As on 31 March 2020, LIC had 114,498 employees, out of which 25,602 were women.

Agency strength[edit]

The total number of agents on roll is 12,08,826 (of which 10,80,809 were active agents) as of March 2020 as against 11,79,229 as of March 2019.


Golden Jubilee Foundation
LIC Golden Jubilee Foundation was established in 2006 as a charity organization. This entity has the aim of promoting education, alleviation of poverty, and providing better living conditions for the under privileged. Out of all the activities conducted by the organisation, Golden Jubilee Scholarship awards is the best known. Each year, this award is given to the meritorious students in standard XII of school education or equivalent, who wish to continue their studies and have a parental income less than ₹200,000 (US$2,600).[23]


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.

Among the Nifty companies, LIC’s holding in terms of value in 2012 was estimated to be the highest in ITC (₹27,326 crores), followed by RIL (₹21,659 crores), ONGC (₹17,764 crores), SBI (₹17,058 crores), L&T (₹16,800 crores), and ICICI Bank (₹10,006 crores).[24] The share price drop in ITC on 18 July 2017 had caused LIC a major loss of around 7000 crores during the financial year.

LIC also holds a 51% stake in IDBI Bank, making it the only insurer in India to own a bank, since regulations prohibit insurers from holding more than 15% stake in any company, LIC will have to decide a timeline for paring its stake in IDBI bank; also LIC may have to pare its stake in LIC Housing Finance Ltd as a company cannot be the promoter of two finance companies carrying out same housing finance business in India.[25]

See also[edit]

  • Insurance in India
  • Insurance
  • LIC Housing Finance


.mw-parser-output .reflist{font-size:90%;margin-bottom:0.5em;list-style-type:decimal}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}

  • ^ a b c d e .mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:”””””””‘””‘”}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free a,.mw-parser-output .citation .cs1-lock-free a{background:linear-gradient(transparent,transparent),url(“//”)right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited a,.mw-parser-output .id-lock-registration a,.mw-parser-output .citation .cs1-lock-limited a,.mw-parser-output .citation .cs1-lock-registration a{background:linear-gradient(transparent,transparent),url(“//”)right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription a,.mw-parser-output .citation .cs1-lock-subscription a{background:linear-gradient(transparent,transparent),url(“//”)right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:linear-gradient(transparent,transparent),url(“//”)right 0.1em center/12px no-repeat}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:#d33}.mw-parser-output .cs1-visible-error{color:#d33}.mw-parser-output .cs1-maint{display:none;color:#3a3;margin-left:0.3em}.mw-parser-output .cs1-format{font-size:95%}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}”Life Insurance Corporation Ltd. Financial Statements”.
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  • External links[edit]

    • Official website

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