Who is the owner of lic company?

The government holds the entire stock of LIC, which has a total value of roughly 632 crore shares. The government planned to sell 31.6 crore stocks in an offer for sale, representing 5% equity. The Life Insurance Corporation of India originally founded on September 1, 1956, when the Indian Parliament passed the Life Insurance of India Act, which nationalised the Indian insurance business. The Life Insurance Corporation of India had such a total life fund of 28.3 trillion rupees as of 2019. In the 2018–19 fiscal year, the overall value of sold insurance was $21.4 million.

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The Life Insurance Corporation of India (LIC) is a public sector life insurance company owned by the Government of India. It is under the administrative control of the Ministry of Finance. LIC was established in 1956 by nationalizing the life insurance industry in India. It is the largest life insurance company in India and one of the largest financial institutions in the world.

The Government of India's ownership of LIC is through the LIC Act, 1956. The Act states that the Government of India is the sole shareholder of LIC. The Government of India appoints the Chairman and other members of the LIC Board of Directors.

LIC plays an important role in the Indian economy. It is a major source of long-term savings and investment funds. LIC also provides financial security to millions of Indians through its life insurance products.

The Extra security Enterprise (LIC) of India is an administration possessed insurance agency laid out in 1956. It was made by the Life coverage Organization Act passed by the Parliament of India.

As a state-claimed element, LIC works under the managerial control of the Service of Money, Legislature of India. The public authority has full responsibility for, and it holds its portions. LIC is viewed as a public-area undertaking (PSU) in India.

Being the biggest insurance agency in India, LIC offers many disaster protection and speculation items to people and associations. It gives different arrangements, for example, term protection, enrichment plans, unit-connected protection plans (ULIPs), benefits plans, and that's just the beginning.

LIC assumes an essential part in the Indian protection area, contributing fundamentally to the improvement of the business. It has a tremendous organization of branches and specialists the nation over, making its administrations open to a huge client base.

The responsibility for by the Public authority of India guarantees that it works in light of a legitimate concern for people in general and assumes a key part in advancing monetary security and social government assistance through life coverage administrations.