The Life Insurance Corporation of India (LIC) is the country’s largest and oldest life insurance provider, established in 1956. It’s a government-owned entity offering a wide range of insurance products tailored to different life stages and financial goals. Agent/Advisor in Bangalore Contact: 9739091119

Life Insurance Corporation of India (LIC) plays a vital role in both individual financial security and national economic development. Here’s why LIC insurance is considered important:

🛡️ Personal Financial Protection

• Life Cover: LIC provides financial protection to families in case of the policyholder’s death.
• Savings + Insurance: Many LIC policies combine life insurance with savings, helping build a financial corpus over time.
• Retirement Planning: LIC offers pension plans that ensure income after retirement.
• Loan Facility: Policyholders can avail loans against their LIC policies in times of need.
• Tax Benefits: Premiums paid are eligible for tax deductions under Section 80C of the Income Tax Act

🌍 Social Impact

• Rural Outreach: LIC focuses on spreading insurance awareness and coverage in rural and economically weaker sections.
• Affordable Coverage: It offers policies at reasonable costs, making life insurance accessible to all.

📈 Economic Contributions

• Investment in Infrastructure: LIC invests heavily in national infrastructure projects like roads, housing, and electricity.
• Capital Mobilization: It channels public savings into productive investments, supporting economic growth.
• Trustworthy Institution: As a government-owned entity, LIC enjoys sovereign backing, making it a safe and reliable choice for policyholders.

Major Objectives / Mission

Some of LIC’s key objectives include:

• Spreading life insurance widely, especially in rural and under-served areas.
• Mobilising savings by offering insurance-linked savings products.
• Investing the funds in a way that balances policyholders’ interest with national priorities.
• Providing efficient service, expanding reach, involving agents/employees and conducting business with transparency.

Structure & Subsidiaries / Associates

LIC is not just an insurer — it has a broader financial ecosystem:

• Subsidiaries (100% owned):
  • LIC Pension Fund Ltd
  • LIC Cards Services Ltd
• Associate / partial ownership companies:
  • IDBI Bank Ltd (about 49.24%)
  • LIC Housing Finance Limited
  • LIC Mutual Fund Asset Management etc.