Life Insurance Corporation facts for kids

{{Infobox company | name = Life Insurance Corporation of India | foundation = 1 September 1956 (68 years ago) (1956-09-01) | logo = File:Life Insurance Corporation of India (logo).svg | logo_size = 250px | logo_caption = Yogakshemam Vahamyaham | image = LIC_Zonal_Office.jpg | image_caption = LIC New Delhi | type = Public

| traded_as =

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| industry = Financial services

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| revenue = ₹784,889 crore (US$130 billion) (2023) | operating_income = ₹41,093 crore (US$7.0 billion) (2023) | net_income = ₹37,997 crore (US$6.5 billion) (2023) | assets = ₹4,924,495.5 crore (US$840 billion) (2023) | equity = ₹46,233 crore (US$7.9 billion) (2023) | owner = Government of India (96.5%) | num_employees = 95,700 (2023)

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The Life Insurance Corporation of India (LIC) is a big Indian company that helps people save money and protect their families. It's like a giant savings and protection plan for millions of people. LIC is based in Mumbai, India.

It is India's largest insurance company. It also manages a huge amount of money, over ₹49 trillion (which is 49 followed by 12 zeros!). This makes it India's biggest investor. The Government of India owns LIC, and the Ministry of Finance looks after it.

LIC started on September 1, 1956. This happened when the Parliament of India passed a law. This law brought all private insurance companies in India under government control. More than 245 different insurance companies joined together to form LIC.

As of 2019, LIC had 290 million policyholders. These are people who have bought insurance plans from LIC. The company also paid out money for 26 million claims in 2018–19. This means they helped many families when they needed it. LIC was ranked 98th on the 2022 Fortune Global 500 list. This list names the world's biggest companies by their income.

History of LIC

LIC Building in Chennai, was India's tallest building when it opened in 1959.

LIC has a long and interesting history. It started from many smaller companies.

Early Insurance Companies

The very first company in India to offer life insurance was the Oriental Life Insurance Company. It began in Kolkata in 1818. Another early company was the Bombay Mutual Life Assurance Society, started in 1870. Many other insurance companies also started before India became independent.

These companies faced tough times. There were big events like the Indian rebellion of 1857 and two World Wars. These events made it hard for many insurance companies to stay open. People also lost trust in buying insurance.

Government Takes Over Insurance

In 1956, the Indian government decided to take control of the insurance industry. This was done to make sure people's money was safe. All private insurance companies were combined into one big government-owned company: LIC. This helped to build trust in insurance again.

LIC's Public Offering

In 2021, the government decided to sell a small part of LIC to the public. This is called an initial public offering (IPO). It means that regular people can buy shares in LIC. The government will still own most of the company.

LIC opened its IPO to the public in May 2022. This was a very big event in India's financial world. It allowed more people to become part-owners of this huge company.

How LIC Works

LIC's main office is in Mumbai. It also has 8 big regional offices across India. These are in cities like Delhi, Chennai, Hyderabad, and Kolkata.

Opening Up to Private Companies

Around the year 2000, the Indian government allowed private companies to offer insurance again. This meant LIC had more competition. However, LIC continued to grow strongly. It showed that it could do well even with other companies in the market.

Helping the Community

LIC also helps the community through its Golden Jubilee Foundation. This charity started in 2006. It aims to help people get a better education and improve their lives.

One of its main programs is the Golden Jubilee Scholarship award. This scholarship helps bright students who have finished 12th grade. It supports them so they can continue their studies. This is especially for students whose families earn less than a certain amount.

Where LIC Invests Money

LIC manages a lot of money from its policyholders. It invests this money in many different areas. This helps the Indian economy grow.

LIC invests in:

• Banks
• Cement and chemical companies
• Electricity and engineering
• Companies that make everyday goods
• Healthcare and hotels
• Information technology
• Metals and mining
• Car companies
• Oil and natural resources
• Shops and textile companies
• Transportation

See also

• Insurance in India
• Insurance
• LIC Housing Finance