Life Insurance Corporation, popularly known as LIC is Indian state-owned insurance group and investment company. The corporation was formed by merging and nationalizing 245 private life insurance companies in India on September 1, 1956, with an initial capital of Rs 50 million. From the corporation’s incorporation until 2000, it was the only life insurer in India. The corporation was identified by IRDAI as a Domestic Systemically Important Insurer (D-SII) on the basis of size, market importance and domestic and global inter-connectedness in September 2020. The corporation’s brand, LIC, was recognised as the third strongest and 10th most valuable global insurance brand as per the “Insurance 100 2021 report” released by Brand Finance. The strength of a brand means the efficacy of a brand's performance on intangible measures relative to its competitors and is determined by looking at the brand's marketing investment, stakeholder equity and impact of those on business performance. The value of a brand is the present value of earnings specifically related to brand reputation.


Business area of the company


The corporation is been providing life insurance in India for many years and is the largest life insurer in India. It has a broad, diversified product portfolio covering various segments across individual products and group products. Its individual products comprise (i) participating insurance products and (ii) non-participating products, which include (a) savings insurance products; (b) term insurance products; (c) health insurance products; (d) annuity and pension products; and (e) unit linked insurance products. Its individual products include specially designed products for specific segments, such as special products for women and children and Micro Insurance products. In addition, it offer riders that provide additional benefits along with the base product to cover for additional risks, such as accidental disability, death, critical illness and premium waiver on the death of the proposer. The corporation’s individual product portfolio in India comprises many individual products and various individual riders. Its group products comprise (i) group term insurance products, (ii) group savings insurance products; (iii) group savings pension products; and (iv) group annuity products. The corporation’s group product portfolio in India comprises various group products.

The corporation’s omni-channel distribution platform for individual products currently comprises (i) individual agents, (ii) bancassurance partners, (iii) alternate channels (corporate agents, brokers and insurance marketing firms), (iv) digital sales (through a portal on Corporation’s website), (v) Micro Insurance agents and (vi) Point of Sales Persons-Life Insurance scheme. The corporation’s individual policies are primarily distributed by its individual agents.


Life Insurance Corporation of India

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Shareholding Pattern