The Life Insurance Corporation of India (LIC) (Hindi: भारतीय जीवन बीमा निगम) is the largest state-owned life insurance company in India, and also the country’s largest investor. It is fully owned by the Government of India. It also funds close to 24.6% of the Indian Government’s expenses. It has assets estimated of 13.25 trillion (US$295.48 billion). It was founded in 1956 with the merger of 243 insurance companies and provident societies.
Headquartered in Mumbai, financial and commercial capital of India,[3] the Life Insurance Corporation of India currently has 8 zonal Offices and 113 divisional offices located in different parts of India, around 3500 servicing offices including 2048 branches, 54 Customer Zones, 25 Metro Area Service Hubs and a number of Satellite Offices located in different cities and towns of India and has a network of 13,37,064 individual agents, 242 Corporate Agents, 79 Referral Agents, 98 Brokers and 42 Banks (as on 31.3.2011) for soliciting life insurance business from the public.
The slogan of LIC is “Zindagi ke saath bhi,Zindagi ke baad bhi” (Hindi: ज़िन्दगी के साथ भी, ज़िन्दगी के बाद भी) which means “during life and after life”.
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