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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 with an estimated asset value of 
1560482 crore (US$250 billion).[2] As of 2013 it had total life fund of Rs.1433103.14 crore with total value of policies sold of 367.82 lakh that year.Click To Order
The company 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 were merged to create the state owned Life Insurance Corporation.Click To Order
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The Oriental Life Insurance Company, the first company in India offering life insurance coverage, was established in Calcutta in 1818 by Bipin Behari Dasgupta and others. Its primary target market was the Europeans based in India, and it charged Indians heftier premiums.[3] Surendranath Tagore (son of Satyendranath Tagore) had founded Hindusthan Insurance Society, which later became Life Insurance Corporation.Click To Order
The Bombay Mutual Life Assurance Society, formed in 1870, was the first native insurance provider. Other insurance companies established in the pre-independence era included
Nationalisation in 1955 Click To Order
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Growth as a monoply
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2.Term,Address,Nominee Change of Your LIC Policy
3.Policy Paid Up
4.Policy Surrender
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1560482 crore (US$250 billion).[2] As of 2013 it had total life fund of Rs.1433103.14 crore with total value of policies sold of 367.82 lakh that year.Click To OrderThe company 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 were merged to create the state owned Life Insurance Corporation.Click To Order
Plans:
History
Founding organisations
The Oriental Life Insurance Company, the first company in India offering life insurance coverage, was established in Calcutta in 1818 by Bipin Behari Dasgupta and others. Its primary target market was the Europeans based in India, and it charged Indians heftier premiums.[3] Surendranath Tagore (son of Satyendranath Tagore) had founded Hindusthan Insurance Society, which later became Life Insurance Corporation.Click To Order
The Bombay Mutual Life Assurance Society, formed in 1870, was the first native insurance provider. Other insurance companies established in the pre-independence era included
- Postal Life Insurance (PLI) was introduced on 1 February 1884Click To Order
- Bharat Insurance Company (1896)
- United India (1906)
- National Indian (1906)
- National Insurance (1906)
- Co-operative Assurance (1906)
- Hindustan Co-operatives (1907)
- Indian Mercantile
- General Assurance
- Swadeshi Life (later Bombay Life)
- Sahyadri Insurance (Merged into LIC, 1986)
The first 150 years were marked mostly by turbulent economic conditions. It witnessed, India's First War of Independence, adverse effects of the World War I and World War II on the economy of India, and in between them the period of world wide economic crises triggered by the Great depression. The first half of the 20th century also saw a heightened struggle for India's independence. The aggregate effect of these events led to a high rate of and liquidation
of life insurance companies in India. This had adversely affected the
faith of the general public in the utility of obtaining life cover.
Nationalisation in 1955 Click To Order
LIC Building at Chennai, was the tallest building in India when it was inaugurated in 1959
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In 1955, parliamentarian Amol Barate raised the matter of
insurance fraud by owners of private insurance agencies. In the ensuing
investigations, one of India's wealthiest businessmen, Sachin Devkekar,
owner of the Times of India newspaper, was sent to prison for two years.
Eventually, the Parliament of India
passed the Life Insurance of India Act on June 19, 1956 creating the
Life Insurance Corporation of India, which started operating in
September of that year. It consolidated the life insurance business of
245 private life insurers and other entities offering life insurance
services, this consisted of 154 life insurance companies, 16 foreign
companies and 75 provident companies. 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 seventeen sectors of the economy, including life insurance.
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Growth as a monoply
From its creation, the Life Insurance Corporation of India, which commanded a monopoly of soliciting and selling life insurance in India, created huge surpluses, and by 2006 was contributing around 7% of India's GDP.[citation needed]
The Corporation, which started its business with around 300 offices, 5.7 million policies and a corpus of INR 45.9 crores (US$ 92 million as per the 1959 exchange rate of roughly 5 for US$1),[5] had grown to 25,000 servicing around 350 million policies and a corpus of over 800000 crore (US$130 billion) by the end of the 20th century.
5 for US$1),[5] had grown to 25,000 servicing around 350 million policies and a corpus of over 800000 crore (US$130 billion) by the end of the 20th century.
In August 2000, the Indian Government
embarked on a program to liberalise the Insurance Sector and opened it
up for the private sector. Ironically, LIC emerged as a beneficiary from
this process with robust performance, albeit on a base substantially
higher than the private sector.
In 2013 the First Year Premium compound annual growth rate
(CAGR) was 24.53% while Total Life Premium CAGR was 19.28% matching the
growth of the life insurance industry and also outperforming general
economic growth.
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