Life Insurance Corporation of India (LIC) has been providing life insurance in India for more than 65 years and is the largest life insurer in India. LIC was formed in 1956 by merging and nationalizing around 245 private life insurance companies. It has a 64.1% market share in terms of premiums (or GWP), a 66.2% market share in terms of New Business Premium (or NBP), a 74.6% market share in terms of the number of individual policies issued, and an 81.1% market share in terms of the number of group policies issued for Fiscal 2021. It is also the largest asset manager in India. Until 2000, it was the only life insurance company in the country. LIC has a broad, diversified product portfolio covering various segments across individual products and group products. These include savings insurance products; term insurance products; health insurance products; annuity and pension products; and unit-linked insurance products.
Life Insurance Corporation of India
M R Kumar
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