LIC 64th Anniversary: All You Need to know About the Company

Business
LIC 64th Anniversary
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India’s Life Insurance Company (LIC) is entering its 65th year of incorporation on 1st Sep 2020. In fact, today LIC is celebrating its 64th anniversary. LIC has grown from strength to strength in its 64 years of presence. However, the firm has grown in so many aspects; be it its client base, agency / branch office network, new trade premium or any other thing. LIC has played a vital role in spreading life insurance cover policies across the world.

About LIC

LIC is an Indian state-owned insurance group. It is a finance enterprise owned by the Government of India. Ministry formed the Life Insurance Corporation (LIC) of India in late back on 1st Sept, 1956. In fact, the Parliament of India had passed the Life Insurance of India Act in that year. Also, the rule had set up to nationalize the insurance industry in India.

LIC had 32 plans for sale for a sole user at the end of FY2018-19. The firm addresses distinct needs of diverse segments of society. Many sections of LICs are Endowment, Term Assurance, Baby, Pension, Micro Insurance, Health Insurance and Unit Goods Linked, etc. The firm guarantees the customers, that they supply the best product dealing to their growing demands and changing times. LIC serves 29cr policies across 4851 offices (including 2048 branches). In fact, it also provides a job to almost 1,12,000 people.

However, LIC operates in 14 distant countries through its branches, wholly owned subsidiaries and joint ventures, among others. It has offices in India, Fiji, Mauritius, England, Bahrain, Nepal, Sri Lanka, Singapore and Bangladesh.

In fact, starting with an initial Rs 5cr capital in 1956, today LIC has assets over Rs 31.12 lakh crores. LIC began with 168 offices in 1956 and today has more than 4,851 offices, one lakh employee, 11,79 lakh agents and several policies in place. LIC has grown a lot over the period of a time.

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