Home>IPO>Life Insurance Corporation of India

LIC

Life Insurance Corporation of India

IPO Details

Bidding DatesMin. InvestmentLot SizePrice Range
NANANATo be announced
Issue SizeIPO Doc
NA
RHP PDFopen_in_new

About Company

Life Insurance Corporation is the only government-owned insurance company in India. Founded in 1956, LIC was set up by merging around 245 insurance companies. The LIC had a monopoly in the life insurance space until the 1990s, after which the government opened up to the private sector. For a long time, the term 'LIC' was synonymous with life insurance. LIC has around 2,048 branches in India. As per the latest annual report of LIC, there are 8 zonal offices in India. Zonal offices are situated in Delhi, Chennai, Mumbai, Kolkata, Kanpur, Patna, Bhopal and Hyderabad, Besides zonal and branch offices, there are 113 Divisional Offices, 1,178 Mini Offices and 1,526 Satellite Offices.
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Founded
1956
Managing Director
NA

Strengths & Risks

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    The network of LIC agents in the country is humongous. According to Life Insurance Council, the number of LIC individual agents as of March 31, 2021, were 13.53 lakh compared to a total of 11.01 lakh agents for over 20 private life insurers.
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    The company offers a wide variety of life insurance plans, endowment plans, whole life plans, money back plans, term insurance plans and insurance riders.
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    According to LIC's 2019-20 annual report, LIC had a market share of around 69% in the life insurance space.
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    Apart from life insurance, LIC has the following businesses: LIC Housing Finance, LIC Mutual Fund, LIC Pension Fund, LIC Cards Services. In 2019, LIC acquired IDBI Bank as well.
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    LIC has over 1.14 lakh employees.
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    LIC also directly operates through its foreign branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and United Kingdom (Wembley).
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    It faces competition from many private players offering better service to policyholders.
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    Being a PSU, there are certain restrictions on LIC.
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    LIC also needs to change its internal policies based on any fiscal/monetary policy changes in the country.

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