Life Insurance Corporation of India (LIC) (Hindi: भारतीय जीवन बीमा निगम) is the largest insurance group and investment companyin India. Its a state-owned where Government of India has 100% stake. LIC also funds close to 24.6% of the Indian Government's expenses. It has assets estimated of 
13.25 trillion (US$250.43 billion).[1] It was founded in 1956 with the merger of 243 insurance companies and provident societies.
13.25 trillion (US$250.43 billion).[1] It was founded in 1956 with the merger of 243 insurance companies and provident societies.
Headquartered in Mumbai, financial and commercial capital of India, the Life Insurance Corporation of India currently has 8 zonal Offices and 113 divisional offices located in different parts of India, around 3500 servicing offices including 2048 branches, 54 Customer Zones, 25 Metro Area Service Hubs and a number of Satellite Offices located in different cities and towns of India and has a network of 13,37,064 individual agents, 242 Corporate Agents, 79 Referral Agents, 98 Brokers and 42 Banks (as on 31.3.2011) for soliciting life insurance business from the public.
History
•Life insurance in its modern form came to India from England in the year 1818.
•Oriental life Insurance company, started by Europeans In Calcutta was the first life Insurance company on Indian soil.
•Before 1912 India had no Legislation to Regulate Insurance Business.
In the year 1912, the life insurance companies act the provident fund act were passed
LIC’s wide area network covers 100 divisional offices & connects all the branches through a metro area network with satellite offices attached to about some 50 branches.
And has a network of around 1.2 million agents for soliciting life insurance from the public.
It has crossed the milestone of issuing 1,01,32,955.
New policies by 15th oct,2005-growth of 67% of previous year
MISSION
•Oriental life Insurance company, started by Europeans In Calcutta was the first life Insurance company on Indian soil.
•Before 1912 India had no Legislation to Regulate Insurance Business.
In the year 1912, the life insurance companies act the provident fund act were passed
LIC’s wide area network covers 100 divisional offices & connects all the branches through a metro area network with satellite offices attached to about some 50 branches.
And has a network of around 1.2 million agents for soliciting life insurance from the public.
It has crossed the milestone of issuing 1,01,32,955.
New policies by 15th oct,2005-growth of 67% of previous year
MISSION
- “Explore and enhance the quality of life of people through financial security by Providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development.”
- Vision
- “A trans-nationally competitive financial conglomerate of significance to societies and Pride of India.”
- Spread Life Insurance widely and in particular to the rural areas and to the Socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.
- Maximize mobilisation of people’ savings by making insurance-linked savings Adequately attractive..
- Conduct business with utmost economy and with the full realisation that moneys belong to the policyholders.
- Act as trustees of the insured public in their individual and collective capacities.
- Promote amongst all agent and employees of the corporation a sense of participation, pride and job satisfaction towards achievement of corporate objective.
- INTERNATIONAL OPERATIONS..
- LIC has always acknowledged the need to expand. our expanding efforts have been consistent & are evident through our associations.
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