LIC Full Form | Full Form of LIC
LIC Full Form - Life Insurance Corporation of India
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Life Insurance Corporation of India
- LIC stands for Life Insurance Corporation of India.
- It's a public sector company in India that mainly deals with life assurance products and investment plans.
- Its motto is "Yogakshemam Vahamyaham" which suggests "your welfare is our responsibility".
- It was established in 1956 when Parliament of India passed the life assurance of India Act.
- This act merged and nationalized around 245 private insurance companies and provident societies to make state-owned life assurance Corporation.
- Today, LIC is that the largest life assurance company in India. It's headquartered at Mumbai, India.
- It's 8 zonal offices, 113 divisional offices and more than 2000 branches.
- It also has more than 14 lakh LIC-agents to market its insurance business within the country.
- As per Economic Times Brand Equity survey of 2012, the LIC was at the sixth position within the list of most trusted service brands of India.
- It's won various awards like MEIF institutional Excellence Award 2012, Golden Peacock Innovative Product/Services Award 2011.
- It offers various products which include life assurance policies, savings and investment products. A number of the favored LIC products/plans launched in 2016-2017 are given below;
- LIC Bima Diamond Plan
- LIC Jeevan Pragati
- LIC Jeevan Shikhar Plan
- LIC Jeevan Labh Plan