Mumbai: Life Insurance Corporation of India (LIC) marked its 68th anniversary on September 1, 2024, celebrating its journey from a modest start in 1956 to becoming the world’s strongest insurance brand and a leading financial conglomerate in India.
With an asset base of ₹52.85 lakh crore and a life fund of ₹44.31 lakh crore, LIC has maintained its leadership in the insurance sector despite liberalization, holding 69.91% of the market share in policies and 58.87% in first-year premium income for FY 2023-24. The total premium income stood at ₹4.75 lakh crore, with a 16.48% increase in assets under management (AUM) to ₹51.21 lakh crore.
LIC’s digital transformation, highlighted by initiatives like the LIC Digital App and the Digital Innovation and Value Enhancement (DIVE) project, has enhanced customer experience across its comprehensive portfolio of 41 individual and 12 group products. The corporation's commitment to customer satisfaction is further underscored by the settlement of 221.80 lakh claims amounting to ₹2.30 lakh crore during FY 2023-24.
The anniversary also saw LIC's Golden Jubilee Foundation sponsoring 116 projects and disbursing 9,616 scholarships worth ₹10.20 crore, reflecting its dedication to social responsibility. Internationally recognized and operating in 14 countries, LIC continues to expand its footprint across financial services through its subsidiaries and associates.
As it celebrates this milestone, LIC remains committed to its guiding principle: "Yogakshemam Vahamyaham - Your welfare is our responsibility," expressing gratitude to its policyholders, shareholders, employees, and field force for their unwavering support.
