Life Insurance Corporation of India is preparing to celebrate its platinum jubilee by reinforcing its leadership in the insurance sector. The company already controls nearly 60% of the market and manages assets worth more than ₹57 lakh crore. Chief executive R Doraiswamy said LIC’s growth has always been linked with India’s economic journey. He explained that the corporation will continue to evolve as competition rises, remain relevant, and contribute to national development.
LIC was founded in 1956 when 245 insurers were nationalised and merged into one entity with ₹5 crore capital from the Government of India. Over the past seven decades, it has grown into one of the country’s most trusted institutions. Its operations include more than 2,000 computerized branches, divisional and zonal offices, and subsidiaries such as LIC Housing Finance and LIC Mutual Fund. The corporation also owns real estate valued at about ₹60,000 crore.
Doraiswamy highlighted that LIC’s journey is inseparable from India’s progress, describing it as a “synergetic relationship.” He said the corporation’s vision is to thrive not only in its 75th year but also in its 100th year and beyond. As India pursues the “Viksit Bharat” mission, LIC aims to retain its leadership, expand its reach, and continue serving citizens with trust and responsibility.