Life Insurance Corporation of India (LIC) the largest life insurer in India, was started in the year 1956.LIC has its Head Office in Mumbai and functions with 8 Zonal Offices, 113 Divisional Offices, 2048 Branch Offices with 1346 Satellite Offices and 1242 Mini Offices across the country besides 7 subsidiary companies and overseas operations in 13 countries, and is manned by 1.20 lakh Employees.LIC has 3 of its Branch Offices functioning at Fiji, U.K and Mauritius. Also, there are 5 Joint Venture Companies functioning at Bahrain, Nepal, Sri Lanka, Kenya and Saudi Arabia, out of which, the latter two are composite companies transacting both life and non-life business. A wholly owned subsidiary company was also opened at Singapore.
LIC is the leader in the life Insurance sector with the largest number of policies in the world i.e., we are serving more than 30 crore Customers (Only 4 countries in the World, whose population is more than LIC's Customer base). LIC holds the World record in settlement of Claims. LIC's estimated Asset value is more than Rs.18 lakh crores and Life Fund more than Rs.16 lakh crores. LIC is the most trusted brand in India and has been one of the pioneering organizations in India who introduced the leverage of Information Technology in servicing and in their business. We have gone in for relevant and appropriate technology over the years.
The Life Insurance Corporation of India came into existence on 1st September, 1956, with the objective of spreading life insurance more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost .
From then to now, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. In its 59 years of existence, LIC has grown from strength to strength be its customer base, agency network, branch office network, new business premium and has a significant role in spreading life insurance widely across the country.