Life Insurance Corporation
Indian public sector life insurer
Life Insurance Corporation
The Life Insurance Corporation of India (LIC) is an Indian public sector life insurance company headquartered in Mumbai, Maharashtra, India. It is India's largest insurance company and its largest institutional investor with total assets under management worth ₹57.29 lakh crore (equivalent to ₹61 trillion or US$630 billion in 2026) as of May 2026. It is under the ownership of Government of India and administrative control of the Ministry of Finance. The Life Insurance Corporation of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act, nationalising the insurance industry in India. Over 245 insurance companies and provident societies were merged. LIC reported 290 million policyholders as of 2019, a total life fund of ₹28.3 lakh crore (US$401.87 billion). The company also reported having settled 26 million claims in 2018–19. It ranked 98th on the 2022 Fortune Global 500 list with a revenue of ₹775,283 crore (US$98.63 billion) and...
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