LIC or the Life Insurance Corporation of India is a state-owned insurance and investment corporation.
Question : The term LIC stands for which of the following?
- 1) Life Insurance Corporation
- 2) Loan and Investment Company
- 3) Legal Insurance Council
- 4) Life Investment Corporation
It is India’s largest life insurance company and plays a major role in spreading life insurance awareness across the country.
Establishment:
LIC was established on September 1, 1956.
It was formed by nationalizing 245 private insurance companies and merging them into one organization under the Life Insurance Corporation Act, 1956.
Ownership:
LIC is owned by the Government of India.
Main Functions of LIC:
Providing life insurance and related financial products.
Encouraging savings and financial protection among citizens.
Investing in the economy, including infrastructure and social welfare projects.
Offering insurance coverage through multiple policies — term plans, endowment plans, ULIPs, pension plans, and more.
Headquarters and Offices:
Headquarters: Mumbai, Maharashtra, India
Zonal Offices: 8 across India
Branches: Thousands of offices throughout India and abroad