The Life Insurance Corporation of India (LIC) is a household name, synonymous with trust, security, and financial stability. Established in 1956, LIC has grown to become India’s largest life insurance company and the biggest institutional investor in the country. With a vast customer base and comprehensive policy portfolio, LIC continues to dominate the Indian insurance landscape.
| Attribute | Details |
|---|---|
| Full Name | Life Insurance Corporation of India (LIC) |
| Founded | 1st September 1956 |
| Founder | Government of India |
| Headquarters | Mumbai, Maharashtra, India |
| Ownership | Government of India (96.5%) |
| Stock Symbol | NSE: LICI |
| Current Stock Price | ₹953.00 (as of June 3, 2025) |
| Market Capitalization | Approx. ₹6.02 lakh crore (fluctuates) |
| Assets Under Management (AUM) | ₹54.52 lakh crore (as of March 2025) |
| Dividend (2025) | ₹12.00 per share (Dividend Yield: 1.2%) |
| Number of Employees | 98,661 (as of 2024) |
| Customer Service Number | 022 6827 6827 |
| Official Website | https://www.licindia.in |
| Popular Plans | Jeevan Anand, New Endowment Plan, Jeevan Labh, Tech Term, Jeevan Umang |
| Online Services | Policy status, premium payment, buying policies, claim tracking |
| Mobile App | LIC Customer App (available on Android and iOS) |
| Dividend Growth (2022–2025) | From ₹1.50 to ₹12.00 (Approx. 100% annualized growth) |
| Claim Settlement Ratio (CSR) | ~98%+ (One of the highest in the industry) |
| Subsidiaries | LIC Housing Finance, LIC Mutual Fund, LIC Cards, LIC Pension Fund Ltd. |
History and Background
LIC was established on 1st September 1956 through the Life Insurance of India Act, which nationalized the private insurance industry. This move was driven by the need to protect the interests of policyholders and bring uniformity to the sector. Over the decades, LIC has built a strong reputation for reliability and customer satisfaction.
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Ownership and Organizational Structure
LIC is a government-owned corporation, with the Government of India holding a 96.5% stake. Headquartered in Mumbai, LIC employs over 98,000 people and operates through a vast network of agents, branches, and satellite offices. The board of directors oversees its operations, supported by a well-structured hierarchy.
Services and Product Portfolio
LIC offers a wide range of insurance products catering to various life stages and financial goals:
- Term Insurance Plans: High cover at affordable premiums.
- Endowment Plans: Savings with life cover.
- Whole Life Policies: Lifetime coverage with bonus.
- Money-Back Plans: Periodic returns during the policy term.
- Pension Plans: Retirement income security.
- ULIPs: Market-linked returns with insurance.
- Micro-insurance: Affordable plans for low-income groups.
- Health Plans: Cover for medical expenses.
How LIC Works
Policyholders pay regular premiums to LIC, which invests the funds in various securities. In return, LIC provides insurance coverage and, depending on the policy type, maturity benefits, bonuses, or returns. LIC agents play a crucial role in policy issuance, customer education, and servicing.
| Plan Name | Benefits | ||
|---|---|---|---|
| New Tech Term | Choose Level/Increasing Sum Assured, flexible policy term & payout options. | Single, Regular, Limited | Death benefit, instalment option for nominee, affordability. |
| Jeevan Utsav | Guaranteed annual payout (10% of Sum Assured), life cover continues for life. | Limited Pay (5–16 years) | Whole life coverage, guaranteed additions during premium term. |
| Amritbal | Policy for children/youth with attractive guaranteed additions. | Single or Limited Premium | Maturity age 18–25, consistent benefit growth, ideal for young investors. |
| Digi Term | Online term policy with sum assured flexibility and high sum assured rebate. | Single or Regular Premium | Easy online access, flexibility in coverage, affordability. |
| Pension Schemes | Secure retirement options with monthly/yearly income. | Regular | Financial independence post-retirement, optional lump sum benefits. |
| Unit Linked Plans (ULIPs) | Investment + insurance options for wealth creation. | Regular or Limited | Market-linked returns + life cover. |
| Micro Insurance | Affordable insurance for low-income groups. | Single or Regular | Basic life cover and savings at nominal premium. |
| Withdrawn Plans | Discontinued plans – policyholders can still service ongoing policies. | N/A | Policy servicing and claims as per original terms. |
LIC Financial Highlights
LIC’s financial performance remains robust. As of March 2025:
- Assets Under Management: ₹54.52 lakh crore
- Annual Premium Income: One of the highest in India
- Stock Price: ₹953.00 (NSE: LICI, as of June 3, 2025)
- Dividend: ₹12.00 per share (Yield of 1.2%)
LIC continues to deliver value to shareholders and policyholders alike.
Technological Advancements & Digital Presence
To keep up with the digital age, LIC has modernized its operations:
- LIC Customer App: Policy management and premium payments
- Online Portal: Buy policies, check status, and pay premiums
- AI Chatbots: Instant customer support
- SMS Services: Real-time updates and reminders
LIC’s Role in Indian Economy
LIC is not just an insurer but also a key player in the Indian economy:
- Largest Institutional Investor: Funds infrastructure and public sector projects
- Financial Inclusion: Covers rural and low-income populations
- Stabilizing Force: Supports markets during economic downturns
Global Presence and Expansion
LIC has extended its services beyond Indian borders:
- Countries: UAE, Mauritius, Nepal, Sri Lanka, Bangladesh, Kenya, etc.
- Subsidiaries:
- LIC Mutual Fund
- LIC Housing Finance
- LIC Pension Fund
- LIC Cards Services Ltd.
Challenges and Competition
Despite its dominance, LIC faces challenges:
- Private Insurers: Competition from ICICI Prudential, HDFC Life, SBI Life
- Technological Lag: Adapting to fast-paced digital innovations
- Regulatory Compliance: Meeting IRDAI standards
Recent Developments and News
- LIC declared a dividend of ₹12.00 per share for FY2024-25
- LIC’s stock surged 31% in the last 3 months
- EPS forecast to grow by 7.2% in FY2025
- Plans to expand pension and digital insurance offerings
How to Buy LIC Policies
LIC offers both offline and online modes for policy purchase:
Offline:
- Through authorized agents or LIC branches
Online:
- Visit www.licindia.in
- Choose plan > Calculate premium > Submit KYC > Pay online
Documents required:
- ID proof
- Address proof
- PAN Card
- Passport-sized photograph
Customer Support and Service
- Customer Care Number: 022 6827 6827
- Email: customerzone@licindia.com
- Branch Locator: Available on LIC website
- Grievance Redressal: Online complaint system and toll-free support
FAQs
1. What is Life Insurance Corporation of India (LIC)?
LIC is a government-owned life insurance and investment company headquartered in Mumbai, India. It was established in 1956 and is the largest life insurer in India, offering a wide range of life insurance, pension, and investment products.
2. Is LIC a government company?
Yes, LIC is a public sector undertaking and is 96.5% owned by the Government of India as of 2025.
3. What are the popular LIC insurance plans?
Some of the most popular LIC plans include:
- LIC Jeevan Anand
- LIC New Endowment Plan
- LIC Jeevan Labh
- LIC Tech Term Plan
- LIC Jeevan Umang
4. How can I buy an LIC policy online?
You can purchase LIC policies directly from LIC’s official website or through LIC agents. The website allows you to explore, compare, and apply for policies digitally.
5. How do I check my LIC policy status?
You can check your policy status via:
- LIC Customer Portal
- LIC mobile app
- SMS and call services
- By visiting your nearest LIC branch
6. What is the customer care number for LIC?
LIC’s 24/7 customer care helpline is 022 6827 6827. You can also email or chat online through their website for assistance.
7. Is LIC listed on the stock market?
Yes, LIC is listed on both NSE and BSE under the symbol LICI. It was one of the most anticipated IPOs in India and remains a key player in the financial markets.
8. What is the current dividend policy of LIC?
As of June 2025, LIC announced a ₹12.00 per share dividend with a yield of 1.2%. The company aims for a sustainable payout while investing in growth.
9. Can NRIs invest in LIC policies?
Yes, Non-Resident Indians (NRIs) can invest in LIC policies with certain terms and conditions. It’s advisable to consult an LIC agent or visit the website for detailed eligibility.
10. What makes LIC a trusted brand in India?
LIC is backed by the Government of India and has been serving millions of policyholders since 1956. Its robust claim settlement record, wide agent network, and diversified products make it one of the most trusted financial institutions in the country.