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Lic foundation day: ‘Even after life with life, you must have heard this tagline. It is the largest and highest profit -earning company in the country, Life Insurance Corporation of India (LIC). The country’s largest and reliable insurance company Today is Foundation Day. LIC was started on 1 September 69 years ago. This insurance company, which started its work on 1 September 1956, has achieved so much credibility that some people still understand the meaning of insurance. There will be very few families in the country who are not directly or indirectly associated with LIC. So let’s about LIC 10 know interesting facts.

LIC made of a large merger

After independence in 1947, the need of a government insurance company in the country was felt that could provide insurance services to most of the population of the country. At the time of independence, the insurance business in the country was in the hands of private companies and their access was very limited. On 19 June 1956, the Parliament of India passed the Life Insurance Corporation Act and took 245 private companies working in the country. In this way, after merging 245 companies, Life Insurance Corporation of India (LIC) came into existence on 1 September 1956.

Start with 27 thousand employees

The Life Insurance Corporation of India was formed at that time by combining all the companies doing business in the country. This was the reason that employees working in 245 companies also became LIC employees, whose number was about 27 thousand. In this way LIC started with 27 thousand employees. It was one of the top employers in terms of employment in India at that time.

Does work in many countries

Life Insurance Corporation of India is working in many countries through a joint venture, full -owned subsidiary or agents. Today, it is present in Fiji, Mauritius, UK, Singapore, Bahrain, Bangladesh, Abu Dhabi, Dubai, Kuwait, Oman, Qatar, Kenya, Sri Lanka, Nepal and Saudi Arabia.

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Dominance remained for decades

After the merger, the government limited the insurance business to government companies only. Therefore, there was no competition till 2000 i.e. 44 years, when the government allowed private companies to enter the life insurance sector.

Guaranteed by Government of India

Since Life Insurance Corporation of India is a 100% government company, the government has guaranteed the disposal of claims in the event of lapse. This is why people prefer LIC more than private companies, even though its term insurance premium is more expensive than private insurance companies.

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