History of LIF – Life Insurance Corporation of India
History of LIC in India
The history of Life Insurance Corporation of India (LIC) in the year 1818, when it was first established as Oriental Life Insurance Company in Calcutta. It was the first company to offer life insurance services in India. The company started providing life insurance services to the Indian public in 1870.
In 1912, the Indian Life Insurance Companies Act was passed by the British Parliament, which opened the door for the formation of multiple Indian owned insurance companies. This act also provided the regulatory framework for the operation of such companies.
In 1956, the Indian government nationalized all existing insurance companies, including the Oriental Life Insurance Company. The government then established the Life Insurance Corporation of India (LIC) which started operations in September 1956.
LIC is the largest life insurance company in India and has a strong presence across the country. It offers a wide range of life insurance plans and services to suit the needs of every individual. LIC has a network of over 1,200 branches, over 9,000 agents, and over 2,000 corporate agents. It also has a network of over 200,000 micro–insurance agents.
LIC has been at the forefront of many social initiatives in India. It has launched several initiatives to support the financial inclusion of the poor, such as the Janashree Bima Yojana and the Aam Aadmi Bima Yojana. Both of these schemes provide life insurance coverage to low–income households.
The company also provides financial support to the farmers of the country through its Kisan Vikas Patra scheme. This scheme helps farmers to meet their long–term financial needs.