Life Insurance Corporation of India (LIC): History, Share/ Stock Price & News Updates
The most reputable insurance provider in India is the Life Insurance Organization of India (LIC India), a statutory insurance and investment corporation with its headquarters in Mumbai.
Introduction To LIC India: On September 1st, 1956, the Indian Parliament enacted the Life Insurance of India Act, which led to the creation of the Life Insurance Corporation of India and nationalized the insurance industry in that country. Over 245 insurance companies and provident societies merged to become the state-owned Life Insurance Corporation of India. The rightful owner of LIC India is the Indian government.
As of 2019, LIC reported having 290 million policyholders, a total life fund of Rs. 28.3 trillion, and a total value of Rs. 21.4 million for sold policies during the 2018–19 fiscal year.
History of LIC India
The Oriental Life Insurance Company was founded in Kolkata in 1818, becoming the country of India’s first life insurance provider. It charged higher premiums to Indian customers because they were its main target market—Europeans living in India. Hindustan Insurance Society, subsequently known as Life Insurance Corporation, was established by Surendranath Tagore.
The first 150 years were primarily characterized by unstable economic conditions, which included India’s First War of Independence, World War I, and World War II.
The combined effect of these events resulted in a high rate of life insurance company closures in India and negatively impacted the public’s belief in the necessity of having life insurance.
Read Also~Ashwani Gujral: Books, Biography, Family, Age & Latest Update
Parliamentarian Feroze Gandhi brought up the issue of private insurance agency owners engaging in insurance fraud in 1955. One of India’s richest businessmen, Sachin Devkekar, owner of the Times of India newspaper, was sentenced to two years in prison because of the subsequent investigations.
What was LIC India’s IPO price?
However, LIC’s market capitalization was Rs 6.02 trillion at the offer price of Rs 949. The price of LIC stock has decreased by 22% from the IPO price of Rs 949.
The share price of LIC India
The share price of LIC India is Rs. 622.00 as of September 30, 2022. The share price is rising, and analysts predict that it will make a profitable long-term investment. The time is right to purchase shares of LIC India.
Recognition and awards of LIC India
The No. 6 Most Trusted Service Brand in India according to the Economic Times Brand Equity Survey 2012 is LIC.
Read Also~Central Bureau of Investigation: History, Vision, Structure, Functions & Challenges of CBI
According to the Brand Trust Report, for 4 straight years between 2011 and 2014, we were voted India’s Most Trusted Brand in the BFSI Category.