What is the full form of LIC?

Introduction-

What is the full form of LIC-Today we will discuss what is the full form of LIC? LIC is the largest insurance company in India.

What is the full form of LIC?

Full form of LIC: Here, we are going to learn about the LIC, full form of LIC, overview, history, LIC chairman & managing director, LIC products, etc.
What is the full form of LIC?
The full form of LIC is-
LICI: Life Insurance Corporation of India
LIC is an abbreviation of the Life Insurance Corporation of India. It is a public segment insurance and investment group corporation in India that generally deals with life insurance products and investment plans under the government of India.
Its motto is “Yogakshemam Vahamyaham” which means “your welfare is our responsibility”. It is an insurance company undertaken by the central government of India. It is the largest insurance company in the Asia continent.

Information about LIC-

Life insurance corporation was established by an act which passed in the parliament of India on 18 June 1956. The act came into force on 1st July 1956.

And the Life Insurance Corporation began to function on 1st September 1956. Till 2000 LIC was having the exclusive privilege of doing life insurance business in India.

The corporation is an autonomous body and has necessarily to run on sound business principles.
• In 1956, it was established when the Parliament of India approved the Life Insurance of India Act.
• Life insurance of India act combined and nationalized around 170 private insurance companies and 75 provident fund societies to form Life Insurance Corporation India.
• In the present time, the LIC is the leading life insurance company in India.
• Its head office is situated in Mumbai, India.
• It has 2048 fully computerized branch offices, 8 zonal offices, 113 divisional offices, 2,048 branches, and 1381 satellite offices and the Central Office.
• There are 11,48,811 individual agents, 342 Corporate Agents, 109 Referral Agents, 114 Brokers and 42 Banks for soliciting life insurance businesses from the public.
• As per the Economic Times Brand Equity survey of 2012, in the listing of most trusted service brands of India, the LIC was at the sixth position.
• It has won a variety of awards such as the MEIF institutional Excellence Award 2012, Golden Peacock Innovative Product/Services Award 2011.
• Total asset of LIC is 311,184,727 lakh.
• Net income 268849 lakh.

Among the various insurance companies in India LIC is the most preferred brand in the insurance sector among the customers. This is only for its trustworthiness and intensive service.
LIC schemes:-
Life Insurance Corporation of India has different schemes for every age of the person. It has an endowment scheme, money-back scheme, children’s scheme, a pension scheme for an aged person, the dedicated scheme for women and men and a special scheme for a high earning person, a ULIP plan etc.

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