LIC CEO and Managing Director R Doraiswamy has said despite increasing competition in the life insurance industry, the corporation remains committed to reinforcing its market leadership while continuing to contribute to India's development as it approaches its platinum jubilee milestone.
The insurance giant currently holds nearly 60 per cent of the life insurance market and manages assets worth more than Rs 57 lakh crore. In addition, it owns real estate assets valued at approximately Rs 60,000 crore.
According to Doraiswamy, the journey of the Life Insurance Corporation of India (LIC), which recently completed 70 years of existence, is deeply linked with the growth story of the nation. "As the economy grows, LIC grows. LIC's growth, in turn, supports the economy. It has always been a mutually reinforcing relationship," he said.
Looking back at LIC's evolution since its establishment in 1956, Doraiswamy noted that the institution's progress has mirrored India's own development trajectory. Built on the commitment, vision and hard work of generations of employees and leaders, LIC has emerged as one of the country's most trusted institutions and has played a significant role in nation-building.
"From 1956 to 2026, our journey has been closely aligned with the nation's progress. We remain fully prepared to meet the country's future needs, contribute to the vision of Viksit Bharat and continue growing alongside India," he said.
Highlighting LIC's stature, Doraiswamy said the corporation is among the largest financial institutions not only in India but across Asia. With such scale comes the responsibility to adapt, innovate and remain relevant while prioritising the interests of citizens and the nation.
Also read: Misleading claims: FSSAI issues notices to 8 food companies
"We have grown with the country and intend to continue growing in line with the nation's expectations. We want to remain a major player, as we have always been," he added. About LIC's long-term goals, he said that while more companies are entering the insurance space, the corporation's aim is not merely to retain its leadership position but to maintain a significant lead over competitors.
"Our vision for the 75th year, the 100th year and beyond is to see LIC thriving, expanding and making meaningful contributions to national development. That remains our central objective," he said. LIC was established on September 1, 1956, through an Act of Parliament with the objective of expanding life insurance coverage across the country, particularly in rural areas.
The corporation was formed by nationalising 245 Indian and foreign insurance companies and provident societies under the Life Insurance Corporation Act, 1956, with an initial capital contribution of Rs 5 crore from the Government of India.
Today, LIC operates through 2,048 fully computerised branch offices, 113 divisional offices, eight zonal offices, 1,381 satellite offices and its corporate headquarters. Its extensive Wide Area Network connects all divisional and branch offices through a Metro Area Network. The insurer has also partnered with several banks and service providers to facilitate online premium payments in selected cities.
LIC currently has two wholly owned subsidiaries and six associate companies, including IDBI Bank, LIC Housing Finance and LIC Mutual Fund.
Beyond India, the corporation maintains a presence in 13 countries through branch offices, joint ventures and wholly owned subsidiaries.
Doraiswamy further revealed that LIC is actively exploring the possibility of establishing a fintech arm, either through strategic investments or by building one organically, to support its expanding digital transformation initiatives. "To meet our modernisation goals and drive innovation, we are actively engaging with fintech and insurtech firms. Several new solutions are being developed through these collaborations," he said.
At the same time, he noted that LIC, as a major financial institution, continuously evaluates investment opportunities across sectors.
"We invest in a wide range of organisations and also consider strategic investments in specialised companies when they can enhance returns for policyholders' funds," he added.
Follow us
