About Us Life Insurance Corporation of India (LIC) was formed on 1st Sept,1956 after the Parliament of India passed the Life Insurance Corporation Act in June 1956. The company was created with the objective of spreading life insurance more widely, especially to reach all the insurable people in the rural areas and provide them with adequate financial cover at a reasonable cost. LIC is the one in top most valuable brands in India and also the No.1 in service sector. Sovereign Guarantee (given by Govt. of India) to customers. The biggest insurer in the world. Having the excellent claim settlement history. Have policies to all age groups. Best infrastructure – 2048 LIC branches (fully computerized) , 1401 satellite offices, more than 1.14 lakh employees and 10.62 lakh agents. Total premium income was Rs.266225.38 Crores. Life Fund is more than Rs.2057625.38 Crores. Fastest Death Claim Record. LIC of India Total Book Assets is Rs. 2210378.65 Crores. Market value is much more. LIC of India is the largest Insurance Company in the World. 29.02 Crores Individual Policies and group policies 12.09 Crores. All Major Private Companies got loan from LIC. In India every ONE MINUTE we are using is mostly funded with loan by LIC. i.e. road, public utilities, highways, flyovers, electricity, rural sector. LIC of India does not take loan but LIC of India gives loan to everybody.