Life Insurance Corporation of India (LIC) is India’s largest insurance provider, commanding over 66.2% market share in new business premium and offering a wide range of participating and non-participating products, including unit-linked, savings, term, health, and annuity & pension plans. As of September 30, 2021, LIC managed assets worth about ₹39 lakh crore—more than the entire Indian mutual fund industry combined—and operated through 2,048 branches, 113 divisional offices, and 1,554 satellite offices, with overseas presence in countries such as the UK, UAE, Singapore, and Sri Lanka. Backed by strong public trust, a vast agency force of over 13.5 lakh agents, and a product mix combining insurance with guaranteed investment returns, LIC is the leading insurer in India and the fifth-largest globally by GWP; however, it faces challenges such as slowing new policy growth amid rising competition from private players, relatively low margins on insurance-investment products, and complexity in valuation due to its unique long-term liability-driven business model.
Life Insurance Corporation of India (LIC) is India’s largest insurance provider, commanding over 66.2% market share in new business premium and offering a wide range of participating and non-participating products, including unit-linked, savings, term, health, and annuity & pension plans. As of September 30, 2021, LIC managed assets worth about ₹39 lakh crore—more than the entire Indian mutual fund industry combined—and operated through 2,048 branches, 113 divisional offices, and 1,554 satellite offices, with overseas presence in countries such as the UK, UAE, Singapore, and Sri Lanka. Backed by strong public trust, a vast agency force of over 13.5 lakh agents, and a product mix combining insurance with guaranteed investment returns, LIC is the leading insurer in India and the fifth-largest globally by GWP; however, it faces challenges such as slowing new policy growth amid rising competition from private players, relatively low margins on insurance-investment products, and complexity in valuation due to its unique long-term liability-driven business model.
