Life Insurance Corporation of India (LIC) is an Indian state-claimed insurance gathering and speculation organization headquartered in Mumbai. It is the biggest insurance organization in India with an expected resource estimation of ₹3,111,847 crores (US$450 billion)(2019). As of 2019, it had absolute life reserve of ₹28,28,320.12 crore and a complete number of approaches sold coming in at ₹214.33 lakh that year (2018-19). LIC settled 259.54 lakh guarantees in 2018-19. LIC has 29 crore approach holders.
The Life Insurance Corporation(LIC) of India was established in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalized the private insurance industry in India. More than 255 insurance organizations and fortunate social orders were converged to make the state claimed Life Insurance Corporation.
The Oriental Life Insurance Organization, the first organization in Quite a while offering life insurance inclusion, was built up in Kolkata in 1818. Its essential objective market was the Europeans situated in India, and it charged Indians heftier premiums. Surendranath Tagore had established Hindusthan Insurance Society, which later progressed toward becoming Life Insurance Corporation
The Bombay Common Life Confirmation Society, framed in 1870, was the principal local insurance supplier. Other insurance organizations set up in the pre-freedom time included
Postal Life Insurance (PLI) was presented on 1 February 1884
Bharat Insurance Organization (1896)
Joined India (1906)
National Indian (1906)
National Insurance (1906)
Co-usable Affirmation (1906)
Hindustan Co-agents (1907)
Swadeshi Life (later Bombay Life)
Sahyadri Insurance (Converged into LIC, 1986)
The initial 150 years were stamped for the most part by fierce financial conditions. It saw India’s First War of Freedom, unfavorable impacts of the World War I and World War II on the economy of India, and in the middle of them the time of overall financial emergencies activated by the Incomparable misery. The primary portion of the twentieth century saw an uplifted battle for India’s autonomy. The total impact of these occasions prompted a high pace of and liquidation of life insurance organizations in India. This had antagonistically influenced the confidence of the general in the utility of getting life spread.
Nationalization in 1956:
In 1955, parliamentarian Feroze Gandhi raised the matter of insurance extortion by proprietors of private insurance organizations. In the resulting examinations, one of India’s wealthiest specialists, Ramkrishna Dalmia, proprietor of the Hours of India paper, was sent to jail for a long time.
The Parliament of India passed the Life Insurance of India Follow up on 19 June 1956 making the Life Insurance Corporation of India, which began working in September of that year. It solidified the matter of 245 private life guarantors and different elements offering life insurance benefits; this comprised of 154 life insurance organizations, 16 remote organizations, and 75 fortunate organizations. The nationalization of the life insurance business in India was an aftereffect of the Mechanical Approach Goals of 1956, which had made an arrangement system for expanding state authority over at any rate 17 divisions of the economy, including life insurance.