LIFE INSURANCE CORPORATION OF INDIA
LIFE INSURANCE CORPORATION OF INDIA Life Insurance Corporation of India (LIC) is an Indian central public sector undertaking headquartered in Mumbai, Maharashtra, India. India. It is under the ownership of of Ministry of Finance, Government of India. The Life insurance Corporation of India was established on September 1, 1956, when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry in India. Over 245 insurance companies and provident fund societies were merged to create the state-owned Life Insurance Corporation of India. It has more than 250 million policy holders with a total life fund of ₹28.3 trillion and a total value of sold policies in the year 2018-19 of ₹21.4 million. The company also reported to have settled 26 million claims in the same period. It ranked 98th on the 2022 Fortune Global 500 list with the revenue of INR 775,283 crore (USD 97 billion) and the profit of INR 4,415 crore (USD 550 million). Its emblem has a