LIC is the biggest insurance company in the country. It has been established by an act of the Parliament and started functioning from September 1, 1956. Its head office is based at Mumbai. Out of the total premium of Rs 3766 crore generated by the insurance industry through group business, LIC alone accounted for Rs 3051 crore in the year 2007.
In respect of number of lives insured, LIC has shown a growth of over 152%. In respect of number of schemes, LIC has a growth of 2%.
LIC offers many insurance plans. Each individual’s insurance needs and requirements are different from that of the others. The LIC Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement. Some of the plans are children plans, endowment assurance plans, money back plans, whole life plans and many more of them.