Full Form of LIC:
Life Insurance Corporation of India
LIC Full Form is Life Insurance Corporation of India. LIC is an Indian public sector group that is associated with insurance facilities provided to the Indians. This organization was formed as the nationalization and collective merger of over 245 private sector insurance companies. It is wholly owned by the government.
Founded in 1956 and headquartered in Mumbai, LIC is considered as the largest insurance corporation in India. It offers insurance facilities like life insurance, health insurance, pension plans on individual or group scheme level to the consumers.
Apart from insurance services, LIC is also attached to investment management, and mutual fund services. For years, LIC has gained the trust of the consumers. It enjoyed a monopoly in the insurance sector till 2000 when the government liberalized the sector of insurance services. It is a wide spread organization that has branches and offices across the country. LIC operates through about 2050 branches which are supervised by almost 115 divisional offices and 8 regional offices.
More than 1.3 million people work as individual agents under LIC. LIC uses advanced technological solutions like MAN ( Metropolitan Area Network ), WAN ( Wide Area Network ), IVRS ( Interactive Voice Response Systems ) that helps the organization to keep their records safe and intact. Like most of the financial organizations, LIC also provides services through internet services and mobile apps.