LIC:- Life Insurance Corporation of India
Life Insurance Corporation of India (LIC) is a state-owned insurance organization or group of India. The headquarters of the investment company is in Mumbai, capital of Maharashtra state. It has become the largest insurance company in India because of an estimated asset value of ₹2,529,390 crore or in US dollars is $350 billion. When the calculation is done in 2013 it has been found that the total life fund of ₹1,433,103.14 crore along with the calculation of policies that is the total number of policies sold coming in at ₹367.82 lakh in the year 2012-13an.
The foundation and establishment year of the Life Insurance Corporation of India is 1956. It comes into the existence when the Indian Parliament passed the Act of Life Insurance of India which makes it nationalized the private insurance industry in India. Around 245 insurance companies and provident societies have collaborated to the formation of the state the owned Life Insurance Corporation.