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Last updated: 19 Sep 2025, 01:25 PM
LIC (Life Insurance Corporation of India): Your Trusted Partner for Life
Life Insurance Corporation of India (LIC), established in 1956 and headquartered in Mumbai, is India's largest and most trusted public sector life insurer. Formed under the LIC Act, it has been a cornerstone of financial security, serving millions with a legacy of reliability and nation-building.
In-Depth Details
Key Highlights
- Products Offered: Over 40 individual and group plans, including term insurance (e.g., Bima Jyoti), endowment & savings (e.g., New Jeevan Anand), ULIPs (e.g., Nivesh Plus), pension & annuity (e.g., Saral Pension), child plans (e.g., New Children’s Money Back), and micro-insurance—tailored for protection, savings, and retirement needs.
- Reach & Scale: Operates 4,800+ branches, 2,900+ satellite offices, and 1.5 million+ agents, insuring ~29 crore lives, with Assets Under Management surpassing ₹52.5 lakh crore (FY 2024-25).
- Performance Metrics: Individual Death Claim Settlement Ratio of 98.74% (FY 2023-24); settled 98.5% claims within 30 days; total premium income: ₹4.7 lakh crore (FY 2024-25).
- Achievements: Largest life insurer by market share (61.8% in individual premium, FY24); awarded ‘Most Trusted Brand’ in BFSI by TRA’s Brand Trust Report 2024; pioneered digital initiatives like ANANDA for paperless onboarding and e-Services for claims.
