Life Insurance Corporation of India (LIC) enters 65th year of its existence on September 1, 2020. LIC has spread its wings from being the leading Life Insurance Company into an internationally recognised financial conglomerate with the presence in 14 countries.
It has also ventured into other financial services through its subsidiaries and associates like LIC HFL Ltd, LIC Pension Fund Ltd,LIC Mutual Fund, LIC Cards Services Ltd, IDBI Bank Ltd , LIC HFL Care Homes Limited, LICHFL Financial Services Limited, and LICHFL Asset Management Company Limited.
Starting with an initial capital of Rs 5 crore in 1956, today LIC has Asset base of Rs 31,96,214.81 crore,with Life Fund to the tune of Rs 31,14,496.05 crore.
LIC has always been at the forefront in Nation Building Activities by deploying the funds to the best advantage of the policy holders as well as the Community as a whole.
The total funds, so invested for the benefit of the community at large are Rs 30,69,942 crore as on March 31, 2020.
LIC is today serving its customers through Eight Zonal Offices, 113 Divisional Offices, 74 Customer Zones, 2,048 Branch Offices, 1,526 Satellite Offices , 3,354 Life Plus Offices and 31,556 Premium Points.
During 2019-20 Life Insurance Corporation of India has registered a growth of 25.17 per cent in the New Business in terms of the First Year Premium.