What is the full form of LIC?
The full form of LIC is Life Insurance Corporation of India. It is a public sector company in India primarily dealing with life insurance products and investment schemes. It was established in 1956 when the Parliament of India passed India Life Insurance Act. The act merged and nationalized approximately 245 private insurance companies and provident societies to form the Life Insurance Corporation (LIC). Its motto is “Yogaksham Vahamyham” which means “Your welfare is our responsibility”.
LIC is India’s largest life insurance company and also the country’s largest investor company. It is wholly owned by the Government of India. It is headquartered at Mumbai, India. It has 8 zonal offices, 113 divisional offices and more than 2000 branches located in various cities of the country and has more than one million agents spread across India.
It offers various products which include life insurance policies, savings and investment products. Some of the popular LIC products/plans are given below;