Lots of Insurance companies are operating in India. There is stiff competition and every insurance company giving lots of offers to their customers. Life Insurance Corporation Of India is one such Indian government-possessed protection and speculation company. It is under the responsibility of money, the legislature of India. LIC is founded in the year 1956, having headquartered in Mumbai. Its slogan “Zindagi Ke Sath Bhi, Zindagi Ke Bad Bhi” is very famous and truly its performance and reliability are extremely high quality. Here we try to know more about the LIC of India.
* It was established in 1956 when the parliament of India passed the Life Insurance of India act and after that 245 insurance companies and provident societies were merged to create the Life Insurance Corporation Of India.
* It has around ₹30 trillion funds and it has around 300 million policyholders.
* Surendranath Tagore had established the Hindustan Insurance Society which became Life Insurance Corporation.
* It was observed that there were many cases of fraud by owners of private insurance agencies.
* In 1955, parliamentarian Feroze Gandhi raised this issue of insurance fraud in parliament and due to all this, the Life Insurance Of India was created, after passing the insurance act.
* Life Insurance Corporation Of India became a leading as well as a trustworthy insurance company in India.
* Due to all its good performance, the Finance minister announced a proposal to conduct an initial public offering of LIC, which is expected in the Year 2022.
Till today LIC has introduced different types of insurance products that have benefited millions of people.
