Life Insurance Corporation Act 1956
Life Insurance Corporation Act 1956
Life Insurance Corporation of India (LIC) is the largest state-owned life insurance company in India, and also the country’s largest investor. It is fully owned by the authorities of India. It also funds close to 24.6% of the Indian authorities expenses. It has assets estimated of Rs. 9.31 trillion (US$ 198.3 billion).It was based in 1956. An Act to allow for the communization of life insurance business in India by changing all such business to a Corporation based for the purpose and to provide for the rule and control of the business of the Corporation and for matters connected therewith or incidental thereto. It also aims at promoting the people for saving their money, and offers attractive savings features along with various insurance policies.
Specialization
ECGC, ESIC and AIC provide insurance services for niche markets. So, their scope is limited by legislation but enjoy special powers.
Subsidiaries
Life Insurance Corporation of India has a number of subsidiaries which help it in leveraging its potential to the maximum, providing an enhanced set of diversified services to its customers. These subsidiaries include LIC International, LIC Nepal, LIC Lanka, LIC Housing Finance and LICHFL Care Homes.
Contact address
Life Insurance Corporation of India,
“Yogakshema”, Jeevan Bima Marg,
Mumbai – 400021
Website: www.licindia.com.