About the Company

 

Life Insurance Corporation of India (LIC) was incorporated in 1956 under the Life Insurance Corporation Act, 1956, and is registered with IRDAI (Registration No. 512). The Corporation is listed on NSE and BSE and maintains its registered office at Yogakshema, Jeevan Bima Marg, Nariman Point, Mumbai – 400021 . LIC provides life insurance solutions across individual and group segments, including protection, savings, pension and health. As at the end of FY 2024–25, LIC offered 51 products: 32 Individual, 12 Group, 1 Individual-and-Group, 5 Individual Riders and 1 Group Rider . Its claim settlement performance during 2024–25 included 99.48 Per cent of death claims and 90.97 Per cent of maturity claims settled (by number) .

 

LIC’s footprint spans 5,004 offices in India and 125 offices overseas. International operations cover 11 countries, including GCC markets (through LIC (International) BSC (c), Bahrain) across Bahrain, Kuwait, Qatar and the UAE (Dubai and Abu Dhabi). Overseas units also operate in Fiji, Mauritius, the UK, Nepal, Sri Lanka, Bangladesh and Singapore. A GIFT City Branch is slated to commence in FY 2025–26 . The Corporation employed 91,606 people as on March 31, 2025 .

 

Subsidiaries: The Corporation had 3 subsidiaries considered for consolidation as on March 31, 2025. Associates include IDBI Bank Limited and others as disclosed in the Annual Report .

 

Key milestones include listing of shares on Indian stock exchanges on May 17, 2022; the first Annual General Meeting on September 27, 2022; and the first Indian Embedded Value Report presented as on March 31, 2022. Recent digital initiatives span Project DIVE, ANANDA mobile app, and industry collaborations for electronic policy issuance .

 

Business Segments

 

[Not disclosed separately in the Annual Report as percentage contribution; section omitted.]

 

Key Management

 

– Chief Executive Officer & Managing Director: R. Doraiswamy (appointed July 14, 2025)

– Managing Director: Dinesh Pant (from June 01, 2025)

– Managing Director: Ratnakar Patnaik (from June 01, 2025)

– Managing Director: Sat Pal Bhanoo

– Chief Financial Officer: Sunil Agrawal

– Appointed Actuary: Ajay Kumar Srivastava (from June 02, 2025)

– Company Secretary & Compliance Officer: Anshul Kumar Singh

 

Latest Updates

 

– Products: Six new insurance products were launched in 2024–25, including LIC’s Yuva Term, Digi Term, Yuva Credit Life, Digi Credit Life, a Single Premium Group Micro Term Insurance Plan, and LIC’s Smart Pension; 32 existing individual products were modified during the year .

– Technology and digital experience: LIC modernised its core e-FEAP Next application, strengthened cyber security, enhanced its Customer Portal and LIC Digital app, and expanded AI-powered assistance (LIC Mitra 2.0). Over 77 Per cent of renewal premiums were collected through omnichannel digital platforms .

– Market presence: LIC’s market share was 57.05 Per cent by Total First Year Premium Income and 65.83 Per cent by number of policies as at March 31, 2025; the P&GS market share in FYPI stood at 71.19 Per cent .

– Strategic moves: The Board approved equity capital infusion in LIC (Lanka) Ltd. amounting to LKR 500 Million on April 25, 2024 and LKR 2,000 Million on January 13, 2025, subject to regulatory approvals .

– Regulatory: IRDAI renewed LIC’s annual registration for life insurance business for FY 2025–26 .

– Leadership changes: R. Doraiswamy was appointed CEO & MD with effect from July 14, 2025; Dinesh Pant and Ratnakar Patnaik were appointed Managing Directors with effect from June 01, 2025. Shri Siddhartha Mohanty’s term as CEO & MD concluded on June 07, 2025 .