LIC of India

The Life Insurance Corporation of India, also popularly called LIC, is one of the oldest and the largest life insurance company in India. LIC was formed when hundreds of life insurance companies were nationalized. Here’s a brief look into the history of LIC –

History of LIC of India

  • Introduction of life insurance in India The concept of life insurance was introduced in India under British rule in the year 1818.

  • Coverage of Indian lives In the year 1870, Bombay Mutual Life Assurance Society was formed which was the first Indian life insurance company.

  • Development of multiple companies The Swadeshi Movement gave birth to a lot of indigenous insurance companies in India. By 1938, there were 176 insurance companies with an in-force business of INR 298 crores.

  • Need for nationalization of life insurance Though there were ample companies, many were not financially sound and stable. The need for nationalization was felt and so, the Life Insurance Act, 1938 was amended and, in 1956, life insurance was nationalized.

  • Formation of LIC LIC was established on 1st September 1956 after the Parliament passed the Life Insurance Corporation Act on 19th June 1956. Although there are about two dozen life insurance companies in India, LIC continues to enjoy trust among individuals and holds the largest market share of the life insurance segment.

Reach and Range of Products:

 Reach:

  •  Central Office: Mumbai.

  •   8 Zonal Offices: Mumbai, Delhi, Kolkatta, Chennai, Bhopal, Kanpur, Hyderabad, and Patna.

  •   113 Divisional Offices throughout the country.

  •   2048 Branch Offices at various places.

  •   1346 Satellite Sampark Branches.

  •   1242 Mini Offices.

  •   1,20,388 Employees.

  •   11,95,916 Agents.

 

 Range of Products:

 

We have a wide range of products catering to different segments of Individuals and Group Insurance products for companies.