LIC Full Form: Know All About LIC Here!

By Ritesh|Updated : May 11th, 2022

LIC Full Form: LIC is an insurance and investment corporation owned by the Government of India. The full form of LIC is the Life Insurance Corporation of India. The Indian Ministry of Finance has ownership over LIC. Currently, the executive board of LIC consists of M.R.Kumar and four managing directors.

Delhi, Chennai, Mumbai, Hyderabad houses four zonal offices of LIC out of eight. At the moment, LIC has around 2048 computerized branches and 1408 satellite offices. Currently, the headquarters of LIC is located in Mumbai.

Table of Content

History Of LIC

Passing the Life insurance of India act, LIC was established on the 1st of September, 1956. This act nationalized the insurance industry in India by merging several insurance companies to form one state-owned Life Insurance Corporation of India. Before the establishment of LIC, there were over 245 insurance companies and provident societies. Based in Kolkata, the first Insurance company in India, the Oriental Life Insurance company charged a weighty premium as it targeted the Europeans based in India. To tackle this, the infamous Surendranath Tagore founded the Hindustan Insurance society. This later went on to become Life Insurance Corporation. Owing to extreme insurance fraud committed by insurance agencies, the Parliament of India passed the Life Insurance of India Act creating LIC, nationalizing the Insurance business of India. Although the government liberalised the insurance sector in the year 2000, LIC still stood higher than any other private insurance company because of its sturdy performance.

Products and Services 

LIC, although mainly focuses on life insurance policies, it also has other investment and savings services, right from Pension plans to microinsurance plans. To help you understand the diverse nature of LIC's plans, we’ve listed some below. 

LIC Endowment Plans:

  • LIC’s New Jeevan Rakshak
  • LIC’s New Jeevan Anand
  • LIC’s Jeevan Labh
  • LIC’s Jeevan Pragati
  • LIC’s Jeevan Lakshya
  • LIC New Endowment Plan

LIC Money Back Plans:

  • LIC New Bima Bachat Plan
  • LIC New Children’s Money Back Plan
  • LIC’s Bima Diamond
  • LIC New Money Back Plan - 25 Years

LIC Term Assurance Plans:

  • LIC's Anmol Jeevan II
  • LIC's Amulya Jeevan II
  • LIC's e-Term

How Does LIC Operate?

As seen above, LIC has 2048 branches and about 8 zonal offices. Apart from this, LIC also has 113 divisional offices, 1408 satellite offices, and one Central office. In different parts of the city, LIC has 25 metro-area service hubs. To know a little more about how LIC operates, it has a huge network with over 1,500,000 agents. Apart from this, they also have 342 corporate agents, 109 referral agents, and 114 brokers. The 8 zones of LIC are North Zone (New Delhi), Central Zone(Bhopal), East Zone(Kolkata), West Zone(Mumbai), South Zone(Chennai), East Central Zone(Patna), North Central Zone(Kanpur), and South Central Zone(Hyderabad).

With each department headed by an Executive Director and each zone headed by zonal managers, LIC follows both, a horizontal line of command as well as a vertical line of command. The horizontal management includes the Senior Divisional Manager, Zonal Manager, and the Chairman while the vertical management includes Divisional Managers, Regional Managers, and the Executive Directors. 

For your banking exam, an understanding of different banks is essential. Be it for educational purposes or for trying its services and products out, knowing the full form of LIC is crucial. We have more such articles that will help you out.

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FAQs

  • The full form of LIC is Life Insurance Corporation of India.

  • LIC has 22 departments, with each headed by a Director.

  • LIC has over 290 million policyholders, and in the year 2018 itself, it notably settled about 26 million claims.

  • LIC promotes its insurance business in India using sit 14 lakh independent LIC agents.

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