LIC Foundation Day: LIC Was Started In 1956 With 5 Crores

LIC Foundation Day: LIC was started in 1956 with 5 crores rupees, today has assets of 32 lakh crores, know interesting stories of the establishment. Life Insurance Corporation of India (LIC) was established on September 1, 64 years ago, with the effective tagline of ‘Zindagi Ke Liye Ki Zindagi’.

On September 1, 2020, it has entered its 65th year of existence today. LIC, the country’s largest life insurance company, sold a record 2.19 crore new insurance policies in the financial year 2019-20. This is the highest number in the last six years.

The company has set this record despite the Covid-19 crisis at the end of the financial year. The company said in a statement that during 2019-20, it registered an increase of 25.17 percent in ‘new business’ based on the premium received on the new policy. As of 31 March 2020, the company received a new premium of Rs 1.78 lakh crore under this head. The company’s market share during this period was 68.74 percent.

Today is the LIC Foundation Day, LIC has an asset base of Rs 31,96,214.81 crore, starting with an initial investment of Rs 5 crore in the year 1956. Also, during the same period, the corporation paid a total of Rs 159,770.32 crore to the policyholders under the claim settlement. A total of 215.98 lakh claims were settled under this.

LIC Business

LIC has also contributed to a large number of subsidiaries. It mainly consists of LIC Housing Finance, LIC Pension Fund, LIC Mutual Fund, LIC Card Services, IDBI Bank, LIC HFL Care Home, etc.

Starting with a capital of Rs 5 crores

LIC started in 1956 with a capital of Rs 5 crores. Today its assets are worth 31.96 lakh crores. LIC currently has 8 zonal offices, 113 departmental offices, 74 customer zones, 2048 branches, 1,526 satellite offices, 3,354 Life Plus offices, and 31,556 premium points. It has more than one lakh employees.

The corporation has 12.08 lakh agents and more than 28.92 crore policies. If we look at the valuation of the listed companies in the Indian market, then LIC has invested about one-fifth of it compared to Rs 152 lakh crore.