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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$630 billion) as of March 2024. [ 4 ]
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Life insurance is one of the growing sectors in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. In 1955, mean risk per policy of Indian and foreign life insurers amounted respectively to ₹2,950 & ₹7,859 [ 1 ] (worth ₹15 lakh & ₹41 lakh in 2017 prices).
National Insurance Company Limited was incorporated on 5 December 1906 with its registered office in Kolkata.Consequent to passing of the General Insurance Business Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were merged with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India.
The company's overall operational performance resulted in an operational loss of ₹ 2,604.12 crore (US$310 million) in 2022-23 as against ₹ 3,025.25 crore (US$360 million) in 2021-22, thus recording a decrease of ₹ 421.13 crore (US$50 million).
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The money-back policy from Life Insurance Corporation in India is a popular insurance policy. It provides life coverage during the term of the policy and the maturity benefits are paid in installments by way of survival benefits in every 5 years. The plan is available with 20 years and 25 years term.
Mitchell Starc picked up career-best test figures of 6-48 as India was skittled out for 180 on the opening day of the second test against Australia on Friday. In reply, Australia finished on 86-1 ...