A bit of it is in every Indian life. Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs 15604.82 billion (US$260 billion).
LIC was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation. Today, LIC has eight zonal offices, around 109 divisional offices, 2,048 branches and 992 satellite offices and corporate offices. It also has 54 customer zones and 25 metro-area service hubs located in different cities and towns of India. It also has a network of around 1.33 million individual agents, 242 corporate agents, 79 referral agents, 98 brokers and 42 banks for soliciting life insurance business from the public.
LIC holds investment of funds as the primary obligation to its policyholders without losing sight of the interest of the community as a whole. The funds are deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return. It conducts business with utmost economies of scale and with the full realisation that the money belongs to the policyholders.
LIC wants to spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reach all insurable persons in the country and to provide them with adequate financial cover against death at a reasonable cost. It maximises mobilisation of people’s savings by making insurance-linked savings adequately attractive.
LIC has been one of the pioneering organisations in India that introduced the leverage of Information Technology in servicing and in their business. Data pertaining to almost 100 million policies is being held on computers in LIC.
With a view to enhancing customer responsiveness and services, LIC started a drive of online service to policy holders and agents way back in 1995. This online service enabled the policyholders to receive immediate policy status report and prompt acceptance of their premium apart from revival quotation and loan quotation on demand.
LIC strives to explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns and by rendering resources for economic development.