Knowledge Centre

  • Knowledge is power
  • Information is liberating
  • Education is the premise of progress, in every society
Insurance | January 21, 2022

What Makes LIC A Behemoth?

Life Insurance Corporation of India, headquartered in Mumbai, is an investment corporation owned by the Government of India. It is under the ownership of the Ministry of Finance, Government of India. LIC of India was created on 1st September 1956 when the Government of India passed the Life Insurance of India Act, nationalizing the Private Insurance Industry in India.

The Company was formed by merging 154 Life Insurance Companies, 16 Foreign Companies and 75 Provident Companies. As of today, it is one of the largest financial institutions in India having an Asset Value of INR 380,400,000 Lakhs.

Products Basket of LIC

In India, LIC is synonymous with life insurance, as the company is a pioneer in offering the best Life Insurance Products that cater to every budget and preference. No matter what of which walk/stage of life an individual is in, LIC of India offers various Life Insurance Plans at affordable premium rates. Being a government-owned Life Insurance Company, the plans offered by LIC are always in demand and cater to a versatile range of customers.

Here are various Life Insurance Products offered by the Life Insurance Corporation:

  • Endowment Plans
  • Money-Back Plans
  • Term Assurance Plans
  • Whole Life Plans
  • Pension Plans
  • Group Plans
  • Unit Linked Plans
  • Micro Insurance Plans
  • Withdrawn Plans
  • Health Plans

Functions of LIC

The major functions of LIC are as follows:

  • The main function of LIC is to collect the savings of the people through a life insurance policy and invest that money in various financial markets.
  • To issue Insurance Policies at affordable rates to the People.
  • To invest fund into Government Securities so as to protect the capital of the people who have given their money to LIC.
  • It is one of the major stakeholders in many of the blue- chip companies in the Indian Stock Market.
  • Invests in the various corporates via bonds and securities, thus supports corporate funding in an indirect way.
  • Provides refinancing activities through SFCs in different states and cities.
  • Provides various loans like direct loans to industries, housing loans, loans to various national projects at reasonable interest rates.

Analysis of Income

India’s largest life insurer, LIC, continues its impressive performance despite a highly challenging Business environment due to the Corona Pandemic for the entire previous year.

Premium Income

Individual Assurance Segment contributes Maximum to the Total Premium Income of The Corporation i.e. 66.02%.

Net Income

LIC generates around 60% of the Net Income from the Premium Income.

LIC’s Net Income increased by about 11% in Fiscal 2021.

Payments To Policyholders

  • On the Claims front, inspite of severe constraints due to Covid Pandemic, LIC settled 2.19 Crore Maturity claims, Money Back Claims and Annuities, amounting to Rs 1,16,265.15 Crores.
  • According to the IRDAI’s Annual Report 2020-21, the claim settlement ratio of LIC was 98.62% as of March 31, 2021 compared to 96.69% as of March 31, 2020.

Competitive Strengths of LIC

India's Largest Insurance Company

LIC currently operates across India with 2048 fully computerized branches, 8 zonal offices, about 113 divisional offices, 2,048 branch offices and 1381 satellite offices and corporate offices. Moreover, Currently, LIC has 1,337,064 individual agents, 242 corporate agents, 89 referral agents, 98 brokers and 42 banks for selling life insurance to the general public.

Brand Image

LIC has a strong brand image in India. Its tagline Yogakshemam Mahamyaham, which means welfare for all, is widely known. The Economic Time Brand Equity Survey of 2015 voted LIC as the most trusted insurance provider in India.

Asset Base

The Corporation has huge assets of around INR 380,400,000 lakh and is also India's largest investor, giving it enormous power in India's financial sector.

Strong Network

LIC has a network of around 13,53,808 Agents along with the strength of 1,08,987 Employees across India.

Subsidiaries and Associates

LIC has strong Subsidiaries and Associates like LIC Pension Fund Limited, LIC Cards Services Limited, LIC Cards Services Limited, LIC Mutual Fund Trustee Company Private Limited, LIC Mutual Fund Asset Management Company Limited and LIC Housing Finance Limited.

What Makes LIC A Behemoth?

There are many factors like Premium Income, Total Income, Profit After Tax, Total Investments, and Number of Offices. In the below diagram, you can easily understand how these factors make LIC a behemoth.

Insurance Form

Related Blogs

Frequently Asked Questions


Important Message The information contained in this file is provided for informational purposes only, and should not be construed as legal advice on any matter. The content and interpretation of the law addressed herein is subject to revision. We disclaim all liability in respect to actions taken or not taken based on any or all the contents of this file to the fullest extent permitted by law. Every effort is made to avoid errors. In spite of that, errors and discrepancies may creep in. It is expressly stated that neither Findoc Investmart Private Limited nor any of the contributors of updates will be responsible for any damage to anybody on the basis of this document. Readers are, therefore, requested to cross check with the original sources e.g. Government publications, Orders, Judgments etc., before taking any action or making any decision. These services are being provided through our group companies Findoc Capital Mart Pvt Ltd and Findoc Finvest Private Limited

Attention Investors
  • 1. Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020.
  • 2. Update your mobile number & email Id with your stock broker/depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge.
  • 3. Pay 20% upfront margin of the transaction value to trade in cash market segment.
  • 4. Check your securities / MF / bonds in the consolidated account statement issued by NSDL/CDSL every month.
  • 5.Investments in securities market are subject to market risks, read all the related documents carefully before investing.
  • 6.The securities are quoted as an example and not as a recommendation.
No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries forrefund as the money remains in investors account.
Prevent Unauthorized Transactions in your demat account --> Update your Mobile Number with your Depository Participant. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from NSDLon thesame day.....issued in the interest of investors.
KYC is a one-time exercise while dealing in securities markets-once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary. | (As instructed by SEBI, We hereby declare that we do engage in proprietary trading in all segment across the exchange.)
Effective communication & Speedy redressal of the grievances a. Register on SCORES portal b. Mandatory details for filing complaints on SCORES: i. Name, PAN, Address, Mobile Number, Email ID c. Benefits: i. Effective communication ii. Speedy redressal of the grievances link:
In case of grievances for any of the services rendered by Findoc Investmart Pvt Ltd write an email to
Mandatory updation of certain attributes of KYC of clients - The advisory is also displayed on the Depository website at following link:
1. NSDL:IN-DP-469-2020 2. Findoc Finvest Pvt. LTD. CIN no:U65910CH1995PTC016409 RBI REGISTRATION NO. B-06.00267 3. Findoc Investmart Private Limited CIN no:U74992CH2010PTC035180 SEBI REGISTRATION NO. INZ000164436 4. Findoc Investmart IFSC PVT. LTD CIN no: U65999GJ2017PTC095984 SEBI REGISTRATION NO. INZ000200735 5. INVESTMENT ADVISOR SEBI Registration no. INA100012297

Member I'd | Nse- 14697 | BSE- 6529 | MCX- 55205 | NCDEX- 01152


Registered Office :

1210/1211/1212/1213,1213A, Exchange Plaza, Near Mercury Hotel, Opp. WTC Tower, Gift City, Gandhi Nagar- 382355, Gujarat, India

Corporate Office :

4th Floor, Kartar Bhawan, Near PAU Gate No.1, Ferozepur Road Ludhiana -141001.

Copyright © 2024 FINDOC INVESTMART PVT. LTD. All Rights Reserved.

Developed & Content Powered by Accord Fintech Pvt. Ltd.

Open a Demat Account