Interviews

LIC safeguarding lives of Indian household

by VARINDIA 2021-05-07

Organisations Name : Life Insurance Corporation of India (LIC)
Head of the Organisation: M R KUMAR
Designation: Chairman

Service offered: Insurance and Financial services

Owned by the Government of India, LIC was established in 1956 and more than 245 insurance companies and provident societies were merged to create LIC. Till 2019, LIC had a total life fund of Rs 28.3 trillion. The total value of sold policies in the year 2018–19 is Rs 21.4 million. It settled 26 million claims in 2018–19. It has 290 million policyholders.

In the Budget 2021, the Finance Minister has proposed to conduct an initial public offering for the organization. The IPO is expected to be held in FY22. The Government of India will remain the majority shareholder after the public listing and 10% of shares are proposed to be allotted to existing LIC policyholders.