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Life Insurance Corporation
The Life Insurance Corporation of India (LIC) is an Indian public sector life insurance company headquartered in Mumbai. It is India's largest insurance company and its largest institutional investor with total assets under management worth ₹54.52 lakh crore (US$640 billion) as of March 2025. 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 a profit of ₹4,415 crore (US$561.67 million).
The Oriental Life Insurance Company, the first company in India to offer life insurance coverage, was established in Kolkata in 1818 by Bipin Das Gupta. Its primary target market was India.
Surendranath Tagore had founded Hindustan Insurance Society around the same time, which later became the Life Insurance Corporation.
The Bombay Mutual Life Assurance Society was formed in 1870, almost half a century later. It was the first native insurance provider of Western India. Other insurance companies established in the pre-independence era include:
These companies were established when India was marked mostly by turbulent economic and political conditions including the Indian rebellion of 1857, World War I and World War II. The effect of these events led to a high liquidation rate of life insurance companies in India and adversely affected the faith of the general public in the value of obtaining life insurance.
In 1956, parliamentarian Feroze Gandhi raised the matter of insurance fraud via owners of private insurance agencies. In the ensuing investigations, one of India's wealthiest businessmen, Times of India owner Seth Ramkrishna Dalmia, was sent to prison for two years.
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Life Insurance Corporation
The Life Insurance Corporation of India (LIC) is an Indian public sector life insurance company headquartered in Mumbai. It is India's largest insurance company and its largest institutional investor with total assets under management worth ₹54.52 lakh crore (US$640 billion) as of March 2025. 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 a profit of ₹4,415 crore (US$561.67 million).
The Oriental Life Insurance Company, the first company in India to offer life insurance coverage, was established in Kolkata in 1818 by Bipin Das Gupta. Its primary target market was India.
Surendranath Tagore had founded Hindustan Insurance Society around the same time, which later became the Life Insurance Corporation.
The Bombay Mutual Life Assurance Society was formed in 1870, almost half a century later. It was the first native insurance provider of Western India. Other insurance companies established in the pre-independence era include:
These companies were established when India was marked mostly by turbulent economic and political conditions including the Indian rebellion of 1857, World War I and World War II. The effect of these events led to a high liquidation rate of life insurance companies in India and adversely affected the faith of the general public in the value of obtaining life insurance.
In 1956, parliamentarian Feroze Gandhi raised the matter of insurance fraud via owners of private insurance agencies. In the ensuing investigations, one of India's wealthiest businessmen, Times of India owner Seth Ramkrishna Dalmia, was sent to prison for two years.