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.
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.
The company offers a wide variety of life insurance plans, endowment plans, whole life plans, money back plans, term insurance plans and insurance riders.
According to LIC's 2019-20 annual report, LIC had a market share of around 69% in the life insurance space.
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.
LIC has over 1.14 lakh employees.
LIC also directly operates through its foreign branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and United Kingdom (Wembley).
It faces competition from many private players offering better service to policyholders.
Being a PSU, there are certain restrictions on LIC.
LIC also needs to change its internal policies based on any fiscal/monetary policy changes in the country.
Top IPO FAQs
What is the Life Insurance Corporation of India IPO?
The Government of India has decided to reduce its holding in LIC by launching a public issue in 2021. This is expected to make the operations of LIC more transparent and efficient. More details will be updated once the company files the Red Herring Prospectus with SEBI.
What are the open and close dates of the Life Insurance Corporation of India IPO?
According to DIPAM, the Life Insurance Corporation of India (LIC) IPO can be expected during the third or fourth quarter of the financial year 2021-22. The pre-IPO process is already underway.
What will the effects of the Life Insurance Corporation of India IPO on existing policyholders?
LIC’s policyholders are not expected to be directly impacted by the IPO. However, being listed can boost its transparency and governance, and make its processes more efficient. Hence, policyholders might indirectly benefit from the IPO. Further, the Secretary of DIPAM has said that existing policyholders might get a reserved quota in the offer.
Will the soverign guarantee be maintained?
The Government of India will ensure that the sovereign guarantee that made LIC popular is maintained. However, since the government is also making changes to the Life Insurance Corporation Act, 1956, we will have to wait to see the changes to assess the impact on policyholders.
What is the lot size and minimum order quantity of the Life Insurance Corporation of India IPO?
This information is not available now.
What are the allotment dates for the Life Insurance Corporation of India IPO?
This information is not available now.
Who is the registrar of Life Insurance Corporation of India IPO?
This information is not available now.
Where is the Life Insurance Corporation of India IPO getting listed?
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