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Full Form of LIC: The Details You Should Know

by Sneha

Full Form of LIC: The Details You Should Know

What is the full form of Lic? If you’re from India, you should know that. The full form of licis Life Insurance Corporation of India (short form is LIC), an Indian government-owned insurance and investment corporation. It is under the ownership of the Ministry of Finance, Government of India.
The LIC was established on September 2, 1956. It was set up to provide insurance coverage to the low-income groups in India. The company offers a variety of products and services to help people meet their financial goals. It has a network of over one lakh+ agent and 2,42,000+ branch offices across the country.

full form of LIC || Presence and History

Corporation Registration Number 139305, lic long form is Life Insurance Corporation, and License Number is 0552006 The Corporation’s headquarters is located in the new national capital, New Delhi. There are 21 Life Insurance Offices (LIOs) located all over India and another 21 Anshan (Lios) in border areas. Anshan offices are located in Myanmar and Bangladesh. The branch offices and Anshan offices are in different geographical locations such as Chennai, Jaipur, Lucknow, Bhopal, Mumbai and Vijayawada.
The Corporation’s jurisdiction is limited to the entire country and Jammu and Kashmir, Daman and Diu and Dadra and Nagar Haveli. There are no additional limitations imposed on the ownership of the company. The maximum permissible limit of share capital is Rs 150000 crore.

lic long form || Life Insurance Corporation of India

Governance and Information Life Insurance Corporation of India (LIC) is the largest Government funded life insurance company in India. Its market share is close to 50% in the life insurance industry in India. LIC has an estimated market share of about 46.98% in the state and Central Government provident fund (PF) business and 17.73% in the corporate
provident fund (CVP) business.
The Government of India ensures about 4.2 crores bank and financial institution accounts, 7 crore individual accounts, about 1 crore business accounts, nearly 30 crore families, almost 5 crore private sector employees and about 7 lakh companies through LIC. LIC is known as the “Savings Bank of India”. The Government of India, the largest shareholder, holds 72.36% of shares of LIC in India.

Establishment of LIC || History of lic

The formation of the LIC was preceded by a three-year experiment, the National Insurance, and Irrigation Company, which was established in 1920 but collapsed after two years. The British Government established the National Insurance and Irrigation Company to provide unemployment insurance and other social security benefits. After a short period, however,
the National Insurance and Irrigation Company collapsed in the face of financial problems.
After India’s independence in 1947, the British enacted a new law, the National Insurance and Irrigation Companies Act, to re-establish the entity. In 1952, this Act was amended to establish the Life Insurance Corporation(full form of lic) of India as the custodian of all the savings deposited by National Insurance and Irrigation Companies members.

LIC’s List of Products

It offers a wide variety of products covering life insurance, human life insurance, pension, health insurance and motor insurance to mutual fund and a wide range of other financial products. The insurance and investment company markets its products through various channels such as branches, insurance companies, General Insurance Companies, International Plc, Insurance Advisers, Public Sector Companies, Direct Marketing Agencies, Brokers and Distributors, Banks and others.

Conclusion

The full form of LIC is the Life Insurance Corporation of India. Is a popular finance and bank company in India. You may also call the LIC toll free number 1800-11-611-611

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