LIC of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation of India. LIC had 5 zonal offices, 33 divisional offices, and 212 branch offices, apart from its corporate office in the year 1956. Currently, LIC functions with 2048 fully computerized branch offices, 113 divisional offices, 8 zonal offices, 1381 satellite offices, a Corporate office, and 12,08,826 agents.

Till 2019, the Life Insurance Corporation of India had a total life fund of Rs28.3 trillion.

Facts of LIC

• LIC ranks 5 the globally in terms of Premium
• The giant insurance company ranks 10th globally in terms of assets.
• It is the largest asset management company of Indi with Asset under management (AUM) of Rs 39.56 trillion on a standalone basis, which was more than 3.3 times the total AUM of all private life insurers in India.
• This AUM is almost 1.1 times more than the total AUM of the Mutual fund industry.
• The average ticket size of individual premium as of September 2021 stood at Rs 16,944.
• As of March 2021, LIC has a 66% market share in new business premium with 283 million policies and 1.35 million agents.

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