Insurance behemoth LIC alone commands close to 60 per cent market share in the life insurance segment and manages assets of over Rs 57 lakh crore. It has real estate properties valued at around Rs 60,000 crore.
The story of Life Insurance Corporation of India (LIC), which completed its 70th year of existence, is inseparable from the story of India.
“As the economy grows, LIC grows. LIC growth helps the economy grow. So, it has been a synergetic kind of relationship that LIC has been having,” he told PTI in an interaction.
Reflecting on the organisation’s remarkable journey since its inception in 1956, he said that LIC’s growth has always been closely intertwined with India’s development. Built on the vision, dedication and hard work of generations of employees and leaders, LIC has evolved into one of the country’s most respected and trusted institutions, playing a vital role in nation building.
“From 1956 to 2026 has been a journey which was intertwined with the development of the nation and we look at this organisation remaining fully prepared for meeting the needs of the country, for ensuring that the country moves towards Viksit Bharat and developing along with the growth of the country,” he said.
Stressing that LIC is one of the biggest institutions not only in the country but in the entire continent, Doraiswamy said, with that scale comes a responsibility to continuously evolve, remain relevant and place the welfare of citizens and the nation above all. “We have been growing along with the country, and we will certainly look at growing in the way the country will expect us to grow. We would like to be a major player as we continue to be,” he said.
While outlining the LIC’s long-term vision, he said, “As more players enter the market, our objective is not only to retain leadership but to maintain a substantial lead. Our aspiration for the 75th year, the 100th year and beyond is to see LIC thriving, flourishing and contributing to nation development. That remains our core objective.”
LIC came into existence on September 1, 1956, through an Act, with the objective of spreading life insurance more widely and in particular to the rural areas.
By nationalising 245 Indian and foreign insurers and provident societies, LIC was formed by the Life Insurance Corporation Act, 1956, with a capital contribution of Rs 5 crore from the Government of India.
Today, LIC functions with 2048 fully computerised branch offices, 113 divisional offices, 8 zonal offices, 1,381 satallite offices and the Corporate office. LIC’s Wide Area Network covers 113 divisional offices and connects all the branches through a Metro Area Network.
LIC has tied up with some banks and service providers to offer an online premium collection facility in selected cities.
The insurer also has two wholly-owned subsidiaries and six associates, including IDBI Bank, LIC Housing Finance and LIC Mutual Fund.
Besides national presence, LIC has its overseas operations in 13 countries through its branch offices, joint venture companies and wholly-owned subsidiaries.
Doraiswamy further said LIC is actively considering establishing a fintech arm either through strategic investment or an organic way to cater to its growing digital needs.
“Naturally, to meet the modernisation requirement and particularly to bring innovation, we are engaging both fintech and insurtech players, and we are getting a lot of new things being developed by such players,” he said.
On the other side, he said, “We are a big financial institution investing in multiple organisations, and we also look at strategic investments in any specialised player as a way of improving the returns on the policyholders’ funds.”