International Research journal of Management Science and Technology
ISSN 2250 - 1959 (online) ISSN 2348 - 9367 (Print) New DOI : 10.32804/IRJMST
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FINANCIAL HEALTH OF LIC
1 Author(s): DR M.M.GOYAL
Vol - 5, Issue- 7 , Page(s) : 134 - 140 (2014 ) DOI : https://doi.org/10.32804/IRJMST
Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai. Life Insurance Corporation of India (LIC) is the biggest provider of insurance and investment services in India. It is a publicly held organization held totally by the Union Government of India and also provides almost 24.6 percent of the government’s expenses. It is the largest insurance company in India with an estimated asset value of 1560482 crore (US$250 billion). As of 2013 it had total life fund of Rs.1433103.14 crore with total value of policies sold of 367.82 lakh that year. The company was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation.