Life Insurance Corporation of India
Life Insurance Corporation of India (LICI)

Life Insurance Corporation of India (LICI)


Key Stats

Day's Price Range
52-Week Price Range
1 Month Return-7.36 %
3 Month Return-8.44 %

Company Financials

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Value in ₹ crore

Peer Comparsion

Rank 1
Rank 1
Rank 1
Rank 1
Price To Book Ratio
Rank 1
Debt To Asset
Rank 1

Company Information

The Corporation was established as Life Insurance Corporation of India on September 1 1956 under the Life Insurance Corporation Act 1956. The Corporation obtained certificate of registration to undertake the business of life insurance by a certificate dated September 20 1956 issued by the Controller of Insurance in accordance with the provisions of the Insurance Act. The Corporation obtained the certificate of registration from the IRDAI to undertake life insurance business on January 1 2001 which was renewed on an annual basis under Section 3A of the Insurance Act. Further pursuant to amendment to Section 3A of the Insurance Act with effect from December 2014 the process of annual renewal of certificate of registration was discontinued. The Corporation is governed by provisions of the governing Act it is also registered with the Insurance Regulatory and Development Authority of India IRDAI and is subject to such provisions of Insurance Regulatory and Development Authority IRDA Act 1999 as amended and regulations that are not inconsistent with the Act. The Corporation is engaged in the business of Life Insurance in and outside India. The Corporations life insurance business comprises of individual life and group business including participating nonparticipating pension group gratuity group leave encashment group superannuation group immediate annuity unitlinked insurance products variable insurance products health and micro insurance. In 1956 nationalization of 245 Companies and LIC came into being on 1st September. The Corporation established foreign branches in Fiji and Mauritius to sell life insurance.In 1959 the Corporation constructed a 14 storey Sky scraper building for housing Southern Zonal Office. In 1960 the Corporation established foreign branch in United Kingdom. Officers Training College was founded by the Corporation at Nagpur on 16th May.In 1961 First Camp for On the Spot policies was organized on 15th August in Rohtak District. The first batch of Direct Recruit Officers joined the Corporation.In 1962 the Corporation inaugurated the Pilot scheme of Premium Collection Through Post Offices in village Chandlai on 25th March 1962.In 196364 the Corporation undertook initiatives in becoming pioneer in installing computers with installation of two computer systems one in Mumbai and one in Kolkata with an aim to improve operations. Yogakshema an architectural landmark Corporate Office of LIC was inaugurated by Prime Minister Pandit Jawaharlal Nehru on 26th December. LIC started doing General Insurance business.In 1965 Policy Holders Council was set up in each Division by the Corporation and The Central Coordination Committee for Sports was formed.In 1967 IBM 1401/1410 Computer was installed at Mumbai. The EDP Department started functioning.In 1969 Officers training college was shifted from Nagpur to Borivali Mumbai.In 1970 Commemorative Stamp and Post Card was issued through Indian Posts and Telegraphs depicting Indian Life Insurance. 18701970.The concept of Agents Clubs was introduced in 1971.The first Career Agents Branches were set up in 1972 and the Corporation formulated the LIC of IndiaAgents Regulations. In 1978 the Corporation started a Joint Venture Kenindia Assurance Co. Limited. A Scheme of Incentive Bonus to Development Officers came into existence.In 1980 the Corporation began to recruit Development Officers and The National Insurance AcademyNIA sponsored jointly with GIC and its subsidiaries was founded.In 1981 the Corporation implemented Reorganization Policy to give effect to operations decentralization and proper decisionmaking. Jana Raksha Policy was launched to cater to the rural masses. Installation of Microprocessors was first initiated in October by the Corporation and the recruitment under sports quota started.ECIL2958 Mainframe was installed at Mumbai in 1982. In August 1987 the Corporation introduced Landless Agricultural Labourers Group Insurance LAGLI. On November 25th LICs prestigious Jeevan Bharati Building was inaugurated by the then Union Finance and Commerce Minister Shri N.D. Tiwari.In 1989 an associate recognized as LIC Housing Finance Limited was set up by the Corporation. LIC turned into a financial conglomerate. The Corporation established LIC Mutual Fund as a trust on 20th April 1989. The Corporation established a subsidiary Life Insurance Corporation International B.S.C. c in Bahrain. Software Development Centre was established at Corporate Office in 1993 and Front End Applications Package was introduced on 17th July in 17 BOs.The Rural Group Life Insurance Scheme RGLIS was launched on 15th August 1995.In 1997 the Corporation introduced Corporations Metro Area Network MANand Wide Area Network WAN resulting in linking network of all branches on 22nd November.First IVRS was inaugurated in Mumbai on 21st August 1998 by the Corporation and 150 touch screen based Information Kiosks were set up across the country enabling Customers to get information about policies new plans bonus etc. in 1998.LIC International EC extended its operations to Qatar with effect from 28th September 1999.In 2000 the Corporation set up a subsidiary Life Insurance Corporation Nepal Ltd. in Nepal. For faster dissemination of information LIC launched its website and intranet Site Jeevan Sanchar. In 2001 the First unit linked Insurance PlanULIP Bima Plus was launched on 12th February. LIC signed its first strategic alliance with Corporation Bank on 6th June. Krishi Shramik Samajik Suraksha Yojana launched on 30th June. Premium payment facility through internet introduced on 12th September. Shikshan Sahyog Yojana was inaugurated on 31st December. LIC Nepal Ltd was inaugurated as a joint venture between LIC and Vishal Group in Nepal on 3rd December.In 2002 LICs first Info Centre was inaugurated in Mumbai. Call Centres were set up at 8 locations across the country. IVRS accessible through Unified Access Number 1251 was integrated with Call Centres on 12th April. Corporate Messaging Solution was implemented. The business through Bancassurance commenced and there was a strategic tieup with Corporation Bank. A Joint Venture LIC Lanka Ltd was formed.In 2003 LIC Lanka Ltd was inaugurated as a joint venture between LIC and Bartleet Group of Sri Lanka on 1st March. Varishtha Pension Bima Yojana was launched on 14th July. LICs first ever Premium Payment Facility through ATM was inaugurated in collaboration with Corporation Bank on 20th December.In 2004 premium payment through ECS and Kiosk commenced. SMS Service initiative was launched. MOU was signed for establishing a joint stock company in Saudi Arabia on 20th December. SICCI. Vidyanet an Online training Portal for Agents was launched.In 2005 LIC and IndusInd Bank tie up for providing first ever group insurance scheme to account holders of the bank in October. LICs First Satellite Sampark Office later renamed as Satellite Office inaugurated in Rajendra Nagar New Delhi Delhi DO1 NZ on 2nd September. The Corporation launched Enterprise Document Management System EDMS and Corporate Active Data Warehouse.In 2006 the Corporation Established LICs Golden Jubilee Foundation to support projects like construction of hospitals schools buildings class rooms old age homes and scholarships etc. and provide scholarships to meritorious students from marginalized communities.In 2007 the Corporation established a subsidiary LIC Pension Fund Limited. During the year the Corporation signed an agreement for implementation of Enterprise Document Management System EDMS to convert all policy records into digital format. LIC HFL Financial Services Ltd wholly owned subsidiary of the Corporation was incorporated on 31st October. The Corporation established a subsidiary LIC Cards Services Limited to provide credit card services in 2008. CLIA Channel started in 2008. LIC Pension Fund was launched. LIC HFL Asset Management Company Ltd. AMC was incorporated on 14th February 2008.In 2009 the Risk Management Department was set up. LIC launched Credit Card LIC Card. Alternate Channels of premium payment was started. New CRM initiatives like Relationship Renewal program Help desk Exclusive CRE Help book started. Direct Marketing Channel established in August 2009 with 6 Units has 119 Units spread across all Divisions of the Corporation. The initiative was aimed at creating new systems for Business Generation Sales Process monitoring and Digital Marketing with a view to reach out to untapped Markets and providing new buying experience to the Customers especially to young techsavvy Millennial and High Net worth Individuals.In 2010 online paperless underwriting SMS Enquiry Service for proposal status was started by the Corporation.Integrated Complaint Management System ICMS was launched in 2011.In 2012 the Corporation established a wholly owned subsidiary Life Insurance Corporation Singapore Pte Ltd in Singapore. LICs officially developed mobile app for Android based Smartphones was deployed for general public on 23rd March 2012 and Jeevan Akshay VIfirst policy of LIC was made available for online sale by the Corporation.In 2013 the Corporation launched ODS and Customer Merchant Portal Remote Audit Results Framework Document System for HRD/OD Automation of Employee Information Management and Syndicate Bank signed MOU on 27 June 2013 as Corporate Agent of LIC to sell LIC products.In 2014 the Corporation introduced Club Galaxy for Agents. Collection of Micro Insurance Premium through Mobile App was launched.In 2015 the Corporation established a subsidiary Life Insurance Corporation LIC Bangladesh Limited in Bangladesh. EAPAR Legal management system was introduced by the Corporation. The Corporation launched three social security schemes Pradhan Mantri Jeevan Jyoti Bima Yojana PMJJBY Pradhan Mantri Suraksha Bima Yojana PMSBY and Atal Pension yojana APY.In 2016 Bima Diamond Plan was launched on 1st September. LICs eServices compliant to IRDA regulations was launched on 1st February. The Corporation announced a One time Diamond Jubilee Special Reversionary Bonus for policyholders whose policies were in force as on 01 September 2016.In 2017 Enterprise Risk Management ERM Concept was launched. The digitization of policy records for 29 Crore customers was completed. SMS based customer helpline started. Premium payment through wallets BHIM UPI enabled.In 2018 LIC training centres MDC ZTCs and CO OD/HRD was awarded ISO 9001:2015 certificate and BIS accredition approved by the Corporation. LIC mobile app was launched for agents by the Corporation and LIC call centre services were launched.In 2019 the Corporation completed the acquisition of 51 stake in IDBI Bank. The Corporation infused Rs.47430.00 million into IDBI Bank currently one of its Associates on October 23 2019 using policyholders funds. IDBI Bank raised Rs. 14351.80 million on December 19 2020 by way of a qualified institutional placement. IDBI Bank became a subsidiary of the Corporation with effect from January 21 2019. Multy utility cash card SUVIDHA was launched in collaboration with IDBI bank. Agent recruitment app was launched and Subsidiaries Department was formed at Central Office of the Corporation.In 2020 the Corporation was designated as Domestic Systemically Important Insurer DSII. Online and Paperless Process of completion of Micro Insurance Policies was launched on 6th March. IPO Cell/PMU Department was formed at Central Office. Uninterrupted Service to Customers through online services during Pandemic was introduced by the Corporation. There was Awareness Campaigns in lockdown and post lockdown period of COVID19 epidemic situation and various customer friendly measures were taken to serve policyholders in view of lockdown.In 2021 the Corporation launched Atma Nirbhar Agents New Business Application. Deposit Collection Management Centre was launched on 5th January. The Dena Bank Building in Bandra Kurla Complex was acquired by the Corporation.During the year 202021 the Corporation under Individual New Business has procured 20975439 Policies with a First Year PremiumIncome of Rs 56406.51 Crore.Currently the channel has tieup with 8 PSU Banks 6 Private Banks 13 Regional Rural Banks 41 Cooperative Banks and 1 Foreign Bank under Corporate Agency agreement with 57919 outlets of these Banks all over the country. In addition to Banks the channel has tieup with 69 other Corporate Agents 79 Brokers and 145 Insurance Marketing Firms IMF. During the year 202021 4 Banks 6 Corporate Agents and 24 Insurance Marketing Firms were added to the channel.During the year 2021 the Corporation introduced 5 individual products viz. LICs Jeevan AkshayVII LICs New Jeevan Shanti LICs BimaJyoti LICs Bachat Plus and Pradhan Mantri Vaya Vandana Yojana Government sponsored pension scheme. In addition the Corporation also introduced modified versions of 2 Individual Health products viz. LICs Cancer Cover LICs New Jeevan Arogya and 1 Health Rider viz. LICs Critical Illness Rider in order to make them compliant with the Guidelines on Standardization in Health Insurance issued by IRDAI.During the FY 202021 the Corporation has completed 3 nos Branch Offices Washim Yamunanagar and CBO IV Mysore 8 nos Residential units across the Country. Construction works are in progress for DO building at Bhubaneswar 9 nos BOs and 90 nos Officers Quarters at various locations Sales Training Centre building at Warangal Bareilly and Investment Buildings at CP3 Lucknow GIFT CITY Gandhinagar EM Bypass Road Kolkata. Planning initiated for Construction of major Investment Buildings at Ludhiana and Scheme 54 Indore and building for Sales Training Centre at Bhilai. The installed capacity of rooftop Solar PV till 31st March 2020 was 2184 KWp and added 955 KWp capacity during the FY 202021.In the F.Y. 202021 2 plots were purchased of which 1 was purchased by the Southern Zonal Office and 1 by North Central Zonal Office. The total area is 36177.9 sq. ft. and the total cost involved is Rs. 11.99 crore. Besides this the Western Zonal Office has purchased 1 ready built premises with land area admeasuring 2878.36 sq. mtrs. and total built up area admeasuring 10189.75 sq. mtrs. The premises have been purchased for Rs 380 crore.During the year 201920 the Corporation bagged Aqua Foundations Excellence Award under the category of Excellence in Resource Management. BFSI Congress Customer Centric Excellence Award. Life Insurance Provider of the year at Outlook Money Awards. Award for Marketing Excellence in BFSI sector at BTVI Awards and Golden Peacock National Training Award GPNTA for the year 2019. During the year 202021 the Corporation was accredited Certificate of Appreciation on reaching final rounds of evaluation of BML Munjal Awards 2020. HR Award 2020 in Training Excellence at the 9th Annual Greentech HR Award 2020. Golden Peacock Award for Excellence in Corporate Governance GPAECG for the year 2020. Continuous Campaign Metro only Award by IPRCCA. The Corporation bagged Jamnalal BajajUchit Vyavahar Puraskar for Fair Business Practices by Council. SKOCH Award Excellence in BFSI Platinum for claim settlements. Among the World 100 Top Brands Report 2020 by Brand Finance LIC has ranked 10th in Strongest Brands in Insurance 13th in Valuable Brands in Insurance in the World. Micro Insurance Leader Award at the Business Leader of the Year Awards. Claim Service Leader Award at the Business Leader of the Year Awards. CMO ASIA Most Admired Company of the Year. CMO ASIA Technology Initiative of the Year. Life Insurance Company of the Year Award at National Award for Excellence in Financial Services. Customer Service Excellence Award at National Awards for Excellence in Financial Services. Award for Marketing Excellence at National Awards for Excellence in Financial Services. Certificate of Apprenticeship by Governor of Maharashtra for excellent work done by LIC during lockdown arising out of the COVID19 Pandemic. FICCI Special Jury Award at the Insurance Industry Awards 2020. The awards and accreditation received by Corporation during the year 202122 were stated as follows:The Corporation bagged FICCI Special Jury Award at the Insurance Industry Awards 2021. The Corporation bagged FICCI Best Insurance Campaign Life Category at the Insurance Industry Awards 2021. The Corporation was recognized for Epitomizing Excellence in the BFSI Industry at 50 Most Trusted BFSI Brands Awards 2021 by Marksmen Daily. Best PSU award in the life insurance sector at Dun Bradstreet PSU Awards. Customer Service Excellence Award at National Award for excellence in BFSI. Insurance Company of the year at National Award for excellence in BFSI. The Corporation was accredited Certificate at ACEF 10th Global Customer Engagement Forum Awards in Television Promotion for Pehle LIC. The Corporation was recognized as one of the Most Trusted Brands of India 2022 by Team Marksman India. Recognized as one of the Best BFSI Brands 2022 by the Economic Times at the Best Brands Awards 2022. Customer Service Excellence Award at the World BFSI Congress Awards. Insurance Company of the Year Award at the World BFSI Congress Awards. Operational Excellence Initiative of the Year Award for Ananda at the World BFSI Congress Awards. Technology Initiative of the Year Award for Jeevan Sakshya at the World BFSI Congress Awards. Excellence in Claim Service Award at the World BFSI Congress Awards.
OrganisationLife Insurance Corporation of India