Life insurance corporation is a state-owned public sector life insurance corporation, which is the largest financial institution and life insurance organization in India. Life insurance corporation offers life insurance, pension, investment and related services.
It was founded in 1956. It is a public sector company owned by the Government of India. It manages a range of life insurance and pension products. The company has a market share of 43% of the country's life insurance & pension market.
Central office in Mumbai ,with 8 Zonal offices,109 divisional offices,2048 fully computerised branches and to serve rural people LIC now opened 992 satelite offices in rural areas.
Hisrory: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956.
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