The Life Insurance Corporation of India is an Indian public sector life insurance company headquartered in Mumbai. It is India's largest insurance company as well as the largest institutional investor with total assets under management worth ₹54.52 lakh crore as of March 2025. It is under the ownership of Government of India and administrative control of the Ministry of Finance. The Life Insurance Corporation of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act, nationalising the insurance industry in India. Over 245 insurance companies and provident societies were merged. LIC reported 29 crore policyholders as of 2019, a total life fund of ₹28.3 lakh crore. The company also reported having settled 2.6 crore claims in 2018–19. It ranked 98th on the 2022 Fortune Global 500 list with a revenue of ₹775,283 crore and a profit of ₹4,415 crore. Wikipedia