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In 1956, the government of India established LIC, the Life Insurance Corporation of India. This move led to the merger of over 240 pre-existing insurance organizations. The main purpose of establishing LIC was to spread life insurance across India, making insurance affordable to the people. This government organization dominated the insurance industry until the turn of the millennium when the sector opened its doors to private players.

In the following decades, from the 1960s to the 1980s, LIC embarked on an aggressive expansion, opening numerous branches across the country. Along with territorial growth, LIC was constantly innovating, offering a variety of insurance products targeted at the general public. During the second half of the 20th century and the dawn of the 21st century, LIC expanded its horizons in various areas of financial activities, but its core business – life insurance – remained steady. This period also saw significant premium growth and an increase in assets under management.

In 2022, LIC has an extensive operating network of over 2,000 branches with approximately 1 million agents serving the needs of approximately 290 million insureds. With assets exceeding the ₹45 trillion mark, LIC remains India’s leading institutional investor. Despite the emergence of private peers, LIC maintains an impressive market presence with nearly three-fourths of the life insurance market segment.

Beyond its commercial activities, LIC is woven into the socio-economic fabric of India. The Corporation plays an important role in supporting government social initiatives and directs investments in critical infrastructure projects. In 2022, LIC became a public entity with India’s largest IPO of over $2.7 billion. However, the Indian government retains a leadership role in the management of the company.