25/06/2025
LIC plays a vital role in India's development by:
- Promoting Financial Inclusion: LIC provides affordable insurance options to economically disadvantaged sections of society, fostering financial security and stability.
- Investing in Infrastructure: LIC invests in government securities, equities, and infrastructure projects, contributing to the country's economic growth and development.
- Supporting Economic Growth: As one of the largest institutional investors in India, LIC's investment decisions shape market trends and impact the broader economy.
- Empowering Women and Rural Communities: LIC has a significant presence in rural areas, covering 21.45% of its policyholders, and providing employment opportunities to millions, including women.
- Fostering Sustainable Development: LIC partners with NGOs, like the Lotus Petal Foundation, to support sustainable development and enhance quality education.
- Providing Employment Opportunities: LIC has over 1.35 million agents and 108,987 direct employees, contributing to employment creation and economic development.
Some of LIC's notable achievements include:
- Serving 290 million policyholders and managing a total life fund of INR 28.3 trillion
- Settling 26 million claims in the fiscal year 2018-19
- Ranking 98th on the Fortune Global 500 list in 2022
- Issuing over one crore policies in a single year, reflecting a healthy growth rate of 16.67% over the previous year
Overall, LIC's commitment to providing affordable insurance solutions, promoting financial inclusion, and contributing to the nation's economic growth has solidified its position as a trusted partner in securing the financial well-being of millions of Indians.