Life Insurance Corporation of India
Life Insurance Corporation of India Company History
Life Insurance Corporation of India is a statutory corporation established on 1st September, 1956, under the Life Insurance Corporation Act, 1956 (‘Governing Act’) engaged in the business of Life Insurance in and outside India. Corporation is governed by provisions of the governing Act; it is also registered with the Insurance Regulatory and Development Authority of India (‘IRDAI’), Registration No. 512 dated 01.01.2001 and is subject to such provisions of IRDA Act, 1999 as amended and regulations there under which are not inconsistent with the governing Act. The Corporation offers a range of individual and group insurance solutions including participating, non-participating and unit linked lines of businesses. The portfolio comprises of various insurance and investment products such as Protection, Pension, Savings, Investment, Annuity, Health and Variable. The equity shares of the Corporation are listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) (w.e.f. 17th May, 2022).(Source : 202303 Annual Report Page No:393)
2003
Launches Komal Jeevan, a child money-back policy
Unveils "Jeevan Shree I" scheme
Gets Rs 350-cr worth of blue chip stocks of late Harshad Mehta
LIC inks pact with niche insurer Teachers Provident to restructure its operations in UK
LIC joins hands with SBI where the latter will identify long-term investment proposals for LIC
City Union Bank has tied up with LIC, for offering insurance-linked banking products which will add value to depositors and borrowers
The company won the bid for the 1.62-crore block of shares of Associated Cement Companies (ACC) auctioned by the custodian. The comopany won the bid, at Rs 170 per share is at 16 per cent discount to october 10's closing market price of ACC, of Rs 203.2 on the BSE.
LIC ties up with Singareni Colleries for Gratuity Life
Mr V.J. Varghese of the Thiruvananthapuram division of the Life Insurance Corporation of India selected as a permanent invitee to the Global Insurance Organisation of Insurance Agents, headquartered in Chicago
2003
2004
LIC decided to join hands with CorpBank for credit cards
Life Insurance Corporation's South Central Zone, comprising Andhra Pradesh and Karnataka, has achieved new business of 22.99 lakh policies involving a sum assured of Rs. 15,720 crores, and a premium income amounting to Rs. 570 crores as of January 15 in the current financial year.
LIC rewards lady celebrities in Ernakulam
In an effort to attract investments from the over 1.3 million-strong non-resident Indian community in the UK, the Life Insurance Corporation of India (LIC) has launched three new products and services here. The three new products launched by LIC chairman SB Mathur were 'Bonusbuilder Savings Plan,' 'Guaranteed Lifetime Protection Plan' and 'The Capital with Profits Bond'. The bonusbuilder savings plan provides the client with the opportunity to build up a valuable lump sum over an agreed period provided contributions are paid for the full terms. The guaranteed life time protection plan provides a valuable lump sum to the client's kith and kin in the event of the death of the client.
LIC unveils new policy of 'Bima Nivesh', 'Bima Plus'
LIC agents get new incentive named 'Corporate club'
LIC mops up Rs 5,200 cr via Varishtha Pension Bima Yojana
Life Insurance Corporation of India has informed that they have acquired 55,00,000 equity shares of Reliance Energy Limited.
ICICI Bank, SBI, LIC in pact for Rs 20,000-cr projects
Chattopadhyaya new manager for LIC's South Central Zone
LIC ties up with Wipro, IBM for CRM project
Life Insurance Corporation of India and Allahabad Bank enter into a strategic tie up to develop bancassurance
LIC forges alliance with Union Bank for insurance-linked RD
Life Insurance Corporation of India (LIC) has been ranked the 12th largest life insurance company in the Asian region outside Japan, by FinanceAsia
SBI join hands with LIC for funding infrastructure projects
Launches two new plans Jeevan Anurag and Jeevan Nidhi.
2004
2005
LIC inks agreement to float new JV in Saudi Arabia
LIC introduces new unit-linked pension scheme
Life Insurance Corporation of India signs 32nd bancassurance agreement with Dena bank on April 29, 2005..
Central Bank ties up with LIC for home loan cover
2005
2006
LIC forges alliance with UTI to distribute annuity debit card
LIC Shimla secures first position in the country
LIC's Coimbatore division unveils Janashree Bima Yojana scheme
LIC North Zone achieves target
LIC starts product sales in Bahrain
2006
2007
LIC unveils customer service centre in Thiruvananthapuram
2007
2008
Life Insurance Corporation of India, South Central Zone, has joined hands with APOnline for premium payments in the e-Seva centres in Andhra Pradesh.
Life Insurance Corporation has bought a 7-acre property from Amrutanjan Ltd for Rs 110 crore.
2008
2009
Hyderabad: Life Insurance Corporation (LIC) of India will be implementing a pension/insurance scheme for one crore women in Andhra Pradesh. The State Government will launch the scheme on November 1.
2009
2010
Life Insurance Corporation of India launched a new unit-linked policy named 'Pension Plus'. Anybody between the age of 18 and 75 is eligible for this scheme and the premium paying mode is quarterly, half-yearly, annual and single payment modes.
2010
2011
Life Insurance Corporation (LIC) stated that as of January 29, 2011, it has surpassed the landmark 2.5 crore policies in 2011 and has completed 2,52,44,846 policies.
LIC launches two non linked plans namely the Bima Account I and Bima Account II which are the first Variable Insurance Plans under the new IRDA regime.
Axis Bank and LIC tie up to offer credit cards.
2011
2012
LIC introduces new single premium policy.
LIC increases stake in Cairn India; buys over 5% stake through open market route.
Life Insurance Corporation of India (LIC) has introduced a micro insurance product particularly keeping in mind the economically weaker section.
LIC launches Jeevan Vriddhi
2012
2013
Life Insurance Corporation of India (LIC) has hiked its stake in Infosys the second largest software exporter of India.
Usha Sangwan to become first women MD at LIC.
2013
2016
LIC launches Jeevan Labh.
LIC invests Rs 1.5 trn in G-Secs, crosses regulatory limits.
LIC buys shares worth Rs 10,400 cr in 18 Sensex cos in Q3.
2016
2017
LIC launches two Aadhaar based policies
LIC investment income at Rs 1,80,117 cr in 2016-17.
2017
2018
LIC gets nod to buy majority stake in IDBI Bank.
2018
2019
LIC completes 51% controlling acquisition in IDBI bank.
LIC launches Micro Bachat plan
LIC Housing partners with IMGC to offer special loan scheme with mortgage guarantee
2019
2020
LIC Pension and Group Scheme Vertical's premium income crosses Rs 1 lakh crore.
LIC to be listed says Sitharaman.
LIC buys 2.38 pc stake in RITES through OFS.
LIC declares relaxation for premium payments.
LIC launches modified PMVVY pension scheme.
2020
2021
LIC of India acquires over 2% stake in Union Bank of India.
Life Insurance Corporation of India (LIC) bought 4,38,02,790 equity shares or 2.01% stake of Bharat Petroleum Corporation from 11 June 2018 to 28 December 2021.
Life Insurance Corporation of India (LIC) on Monday, 19 April 2021, purchased 46,000 equity shares, or 0.02% stake, of Voltas through the stock exchanges.
2021
2022
Life Insurance Corporation of India (LIC) increased its stake in Housing Development Finance Corporation (HDFC) to 5.003% from 4.991% earlier.
LIC bought 72,66,765 shares, 2.040% equity, of Siemens at an average cost of Rs 2,819.26 .
LIC increased its shareholding to 5.036% stake from 4.989% stake held in PI Industries.
LIC hikes stake in Mahanagar Gas.
2022
2023
LIC of India introduces new plan LIC's DHAN VRIDDHI NO. (plan 869).
Life Insurance Corporation of India Partnership with Saraswat Cooperative Bank Ltd.
LIC of India introduced new plan LICÂs JEEVAN UTSAV (Plan No. 871)
LIC of India introduced new plan LIC AMRITBAAL.
2023
