The Life Insurance Corporation of India is an Indian statutory investment and insurance corporation. Its owners are the Government of India and the Ministry of Finance. It is one of the largest insurers in the world, and it is also among the most profitable. Despite being owned by the government, it operates independently and is not a subsidiary of another company. Here are some facts about the corporation. Read on to learn more. Listed below are some of its key facts and figures.
LIC has over 1,14,498 employees as of March 2020, including 25,602 women. It has a total of 12,088,826 agents on its roll, with 10,808,809 being active. The company invests in a variety of sectors, including oil and natural resources, retail, textiles, and transportation. The number of employees employed by LIC is increasing every year. In addition to its business operations, LIC is also active in several markets, including the United States.
The LIC has been around for more than sixty-five years. The company started in 1959 with 300 offices, five million policies, and a corpus of Rs45.9 crores (US$92 million at the time). Today, LIC has over 25,000 offices, service over 350 million policies, and a corpus of more than Rs800 billion. Its success can be attributed to its economics and robust performance.
Life Insurance Corporation Insurance Providers
LIC has many advantages. It offers cash rebates and survival benefit payments, and the company pays out a single premium at maturity. It also provides a liquidity facility. This is beneficial for those who do not want to wait until their policy matures to use the cash from their policies. In addition to this, the LIC provides a variety of investment options for its clients, including oil and natural resources, textiles, and transportation.
The LIC has a huge presence in both the rural and urban markets. LIC agents cover almost every small town in the country. The company has a strong agent force, which reaches out to rural communities and offers customers the best rates on its insurance products. Aside from protection, LIC also offers various micro-insurance plans, and special plans for handicapped people and women. Moreover, the LIC is the largest life insurance company in the world.
The LIC is the only insurer with a monopoly in the country. Its employees make up approximately 7% of the country’s GDP. As of March 2010, the LIC had 1,14,498 people. In 2006, twenty-five percent of the employees were women. In the 20th century, the LIC had a corpus of over Rs800 billion rupees. Aside from the benefits of a monopoly, the LIC is a good investment for the government.
The LIC has offices in many countries. Its branches are located in Nepal, Sri Lanka, Saudi Arabia, Bahrain, and Canada. In 2018, it had a total life fund of Rs28.3 trillion. In the same year, the LIC issued 21.4 million policies and settled more than 26 million claims. As of May 2019, the LIC has 290 million policy holders. There are many more countries that have similar insurance policies and the Life Insurance Corporation of India has a strong presence in many.