LIC Of India: The life insurance sector was nationalised on January 19, 1956. Subsequently giving birth to what we call Life Insurance Corporation of India, on September 1, 1956
New Day: LIC IPO will hit the bourses by the end of the current fiscal year. But today, netizens are celebrating another fact about the LIC of India. The life insurance sector was nationalised on January 19, 1956. Subsequently giving birth to what we call Life Insurance Corporation of India (LIC of India), on September 1, 1956. Then Union Finance Minister, CD Deshmukh, took a monumental step to nationalise the life insurance sector.
66 years later, the biggest life insurance player in the country is all set to launch its own IPO. According to media reports, it is going to be the biggest IPO the country has ever seen. Netizens have taken the internet by storm in celebrating the feat. #LICtheGREAT has been trending on Twitter since morning. Su Venkatesan, Member of Parliament from Madurai, posted, “Jan 19 – 1956 Life Insurance Nationalisation day. The day Banyan seeds were sown 66 years ago. Grown very big with many Column roots shouldering the great nation. #LICtheGREAT”
Here Are 10 Interesting Facts About LIC Of India You Need To Know
- LIC was formed by merging 245 insurers in the country. This consisted of 154 life insurance companies, 16 foreign companies and 75 provident companies.
- LIC was established as a statutory corporation by the LIC Act, 1956.
- LIC Building in Chennai, which was inaugurated in 1959, was the tallest building in the country at that time.
- There was no competitor to the company for 44 years. Indian government allowed the entry of private life insurance companies in India, in 2000.
- The company is a 100 per cent central government-owned entity. All the insurance claims are paid by the government of India.
- It is the largest institutional investor in the Indian Share Market.
- LIC saw a 299 per cent growth in policy sales in 2021. It sold 2.1 crore policies in the year ending March 2021.
- LIC IPO: LIC will list its shares in the Indian share market by the end of March 2022. It is expected to be the biggest IPO in the country to date.
- LIC’s slogan ‘योगक्षेमम् वहाम्यहम'(yogakshemam vahamyaham) is derived from Bhagavad Gita. It means, “Your welfare is our responsibility”
- LIC got its first woman Managing Director in 2013, Usha Sangwan.
