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LIC Reviews

Mumbai, Maharashtra

4.5/ 5

2 reviews

Life Insurance Corporation of India (LIC) is the largest state-owned life insurance and investment corporation in India, serving as a foundational pillar of the country's financial landscape. Established on September 1, 1956, through the Life Insurance Corporation Act, the company was formed by nationalizing and merging over 240 private insurance companies and provident societies. Headquartered in Mumbai, Maharashtra, LIC operates under the administrative control of the Ministry of Finance, Government of India, which retains a majority stake of 96.5% following the company's historic Initial Public Offering (IPO) in May 2022. As the absolute market leader in the domestic life insurance industry, LIC commands a dominant market share of over 66% in new business premiums and upwards of 71% in total life insurance premiums. The corporation offers a comprehensive portfolio of life insurance and wealth management solutions, including participating plans, non-participating structural products, unit-linked insurance plans (ULIPs), health insurance, term assurance, annuities, and pension funds. Beyond its core retail insurance business, LIC is recognized as India’s largest institutional investor, managing a monumental asset base under management (AUM) valued at approximately INR 56.12 lakh crore (US$590 billion). By regulatory mandate, a significant portion of its gathered premiums is invested directly into Central and State Government securities, making LIC a primary driver of national infrastructure development and public sector financing. Operationally, LIC boasts an unparalleled multi-channel distribution network that reaches approximately 92% of all districts in India, extending deep into socio-economically backward and rural regions to fulfill its core objective of universal financial inclusion. This sprawling infrastructure comprises a Central Office in Mumbai, 8 regional zonal offices (located in Delhi, Chennai, Mumbai, Hyderabad, Kanpur, Kolkata, Bhopal, and Patna), 113 divisional offices, and a physical network of over 5,000 offices including branch, satellite, and mini offices. This administrative layout supports an unmatched agency force of over 1.3 million individual agents who serve as the primary touchpoint for hundreds of millions of policyholders. In addition to its massive domestic operations, LIC maintains a strategic international footprint operating across 13 countries through direct branch offices in Fiji, Mauritius, and the United Kingdom, alongside joint ventures and wholly owned subsidiaries spanning the GCC network (Bahrain, Kuwait, Qatar, UAE), Nepal, Bangladesh, and Sri Lanka. Domestically, its corporate ecosystem includes wholly owned subsidiaries like LIC Pension Fund Limited and LIC Cards Services Limited, as well as significant equity associate holdings in major financial institutions such as IDBI Bank, LIC Housing Finance Limited, and LIC Mutual Fund Asset Management. Guided by its iconic Sanskrit corporate slogan "Yogakshemam Vahamyaham" ("Your welfare is our responsibility"), LIC continues to blend commercial strength with social accountability, reporting an operating income of INR 56,267 crore and a net income of INR 48,320 crore for the fiscal year 2025.