The lic full form Life Insurance Corporation of India. It is an Indian public sector company that specializes in life insurance and investment plans. “Yogakshemam Vahamyaham” is the organization’s motto, which means “your wellness is our responsibility.”
L = Life
I = Insurance
C = Corporation of
I = India
The Life Insurance of India Act, passed by the Indian Parliament in 1956, founded the company. To create the state-owned Life Insurance Corporation, this act combined and nationalized roughly 245 private insurance companies and provident organizations.
LIC is India’s largest life insurance provider today. The company’s headquarters are in Mumbai, India. There are eight zonal offices, 113 divisional offices, and around 2000 branches. It also has over 14 lakh LIC-agents in the country to market its insurance business.
According to the Economic Times Brand Equity survey from 2012, the LIC was ranked sixth among India’s most trusted service brands. It has received numerous accolades, including the MEIF Institutional Excellence Award in 2012 and the Golden Peacock Innovative Product/Services Award in 2011.