Life Insurance Corporation of India (LIC)

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.
LIC’s slogan – yogakshemam vahamyaha is in Sanskrit language which translates in English as “Your welfare is our responsibility”
The Life Insurance Corporation of India 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 (54 life insurance companies, 16 foreign companies and 75 provident companies) were merged to create the state owned Life Insurance Corporation.
The nationalisation of the life insurance business in India was a result of the Industrial Policy Resolution of 1956, which had created a policy framework for extending state control over at least 17 sectors of the economy, including life insurance.
LIC functions with 2048 fully computerized branch offices, 8 zonal offices, around 113 divisional offices, 2,048 branches and 1381 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 1,337,064 individual agents, 242 Corporate Agents, 89 Referral Agents, 98 Brokers and 42 Banks for soliciting life insurance business from the public.