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LIC eyes stronger market leadership as it nears platinum jubilee
14 Jun 2026

Life Insurance Corporation of India (LIC) is gearing up to strengthen its market leadership in the life insurance sector as it approaches its platinum jubilee.

The corporation's CEO and MD R Doraiswamy has stressed that despite rising competition, LIC will continue to focus on national development.

With a nearly 60% market share and assets worth over ₹57 lakh crore, LIC's growth story is closely linked with India's economic progress.

Journey of LIC since 1956
Growth narrative

Reflecting on LIC's journey since 1956, Doraiswamy said that the corporation's growth has always been closely linked to India's development.

He emphasized that LIC has become one of the country's most respected institutions, playing a crucial role in nation-building.

"From 1956 to 2026 has been a journey which was intertwined with the development of the nation," he told PTI.

LIC to focus on national development
Institutional evolution

Doraiswamy stressed that LIC, as one of the biggest institutions on the continent, has a responsibility to continuously evolve and serve its citizens.

He said that "we will certainly look at growing in the way the country will expect us to grow."

The CEO also laid out a long-term vision for LIC, saying it aims not just to retain leadership but also maintain a significant lead over competitors.

Core objective of LIC
Future aspirations

Doraiswamy said, "Our aspiration for the 75th year, the 100th year and beyond is to see LIC thriving, flourishing and contributing to national development." He added that this remains their core objective.

LIC was established on September 1, 1956, with a capital contribution of ₹5 crore from the Government of India.

It was formed by nationalizing 245 Indian and foreign insurers and provident societies under the Life Insurance Corporation Act, 1956.

Operations of LIC today
Operational expansion

Today, LIC operates with 2,048 fully computerized branch offices and several divisional and zonal offices.

It has also tied up with some banks and service providers to offer an online premium collection facility in select cities.

The insurer also has two wholly-owned subsidiaries and six associates, including IDBI Bank, LIC Housing Finance, and LIC Mutual Fund.