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The Life Insurance Corporation of India (LIC) is an Indian multinational public sector life insurance company headquartered in Mumbai. It is India's largest insurance company as well as the largest institutional investor with total assets under management worth ₹ 52.52 trillion (US$610 billion) as of March 2024. [ 4 ]
Life Insurance in India was nationalised by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were taken over by LIC. In 1993, the Government of India appointed RN Malhotra Committee to lay down a road map for privatisation of the life insurance sector. [2]
The Insurance Repository in India is a database of insurance policies.It allows policy holders to make revisions to a policy. It launched on 16 September 2013. It is the world's first of its kind.
It has Assets under management(AuM) worth ₹ 352,422 crore (US$41 billion) and a Gross Written Premium(GWP) of ₹ 67,320 crore (US$7.8 billion) as of March 2023. [2] SBI Life has an authorized capital of ₹ 20 billion (US$230 million) and a paid up capital of ₹ 10 billion (US$120 million).
The face amount of the policy is the initial amount that the policy will pay at the death of the insured or when the policy matures, although the actual death benefit can provide for greater or lesser than the face amount. The policy matures when the insured dies or reaches a specified age (such as 100 years old).
In February 2021, the company registered a profit of ₹186.99 crore (US$23 million) in the new business premium with 56% more as compared to the last year in February 2020. [ 24 ] The company's Indian Embedded Value rose to ₹3,828 crore (US$479 million), and the solvency margin stood at 282% as of 31 March 2022. [ 25 ]
LIC Housing Finance Limited (LIC HFL) is the largest Housing Finance Company in India, with a registered corporate office in Mumbai. It is a deposit taking housing finance company, and it is a subsidiary of LIC , mainly providing long-term financing to people who purchase or construct residential houses or flats.
LIC is a three-letter abbreviation that may refer to: Hlai language (an ISO639-3 code: lic) Laudetur Iesus Christus, a Roman Catholic greeting; Abbreviation for license; Licentiate, a degree; Life Insurance Corporation, an Indian government-owned corporation; LIC or Love Insurance Corporation, working title for the Indian film Love Insurance ...