Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of ₹3,111,847 crore (US$450 billion)(2019). As of 2019 it had total life fund of ₹28,28,320.12 crore and total number of policies sold coming in at ₹214.33 lakh that year (2018-19). LIC settled 259.54 lakh claims in 2018-19. LIC has 29 crore policy holders.
The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation.
Various types of insurance Plans of LIC