LICI or Life Insurance Corporation of India is the largest insurance and investment group in India. It was founded on 1st September, 1956 by merging 245 insurance companies and provident societies (154 life insurance companies, 16 foreign companies and 75 provident companies). In the 57 years that LICI has been functional, it has dominated soliciting and selling. Life insurance in India, created huge surpluses and contributed about 7% of India’s GDP (Gross Domestic Product) in 2006.
LICI started out with around 300 offices 57 lacs policies and a capital of Rs. 45.9 and has grown to 25,000 offices servicing around 31 crore policies with a capital of Rs. 800000 crore.
The Economic Times Brand Equity Survey 2010 has rated LIC as the No. 5 Service brand of the country. From 2006 LICI has been winning the Readers’ Digest Trusted brand award continuously. According to the Brand Trust Report 2012, LICI is the 6th most trusted brand in India.