What is the full form of LIC
LIC: Life Insurance Corporation of India
LIC stands for Life Insurance Corporation of India. It is a public sector company in India that mainly deals with life insurance products and investment plans. Its motto is "Yogakshemam Vahamyaham" which means "your welfare is our responsibility".
It was established in 1956 when Parliament of India passed the Life Insurance of India Act. This act merged and nationalized around 245 private insurance companies and provident societies to create state-owned Life Insurance Corporation.
Today, LIC is the largest life insurance company in India. It is headquartered at Mumbai, India. It has 8 zonal offices, 113 divisional offices and more than 2000 branches. It also has more than 14 lakh LIC-agents to promote its insurance business in the country.
As per Economic Times Brand Equity survey of 2012, the LIC was at the sixth position in the list of most trusted service brands of India. It has won various awards such as MEIF institutional Excellence Award 2012, Golden Peacock Innovative Product/Services Award 2011.
It offers various products which include life insurance policies, savings and investment products. Some of the popular LIC products/plans launched in 2016-2017 are given below;