LIC targets stronger market leadership as it approaches its platinum jubilee

R Doraiswamy, CEO & MD, LIC
| Photo Credit:
bl-online Administrator

LIC CEO and MD R Doraiswamy said that, despite increasing competition in the life insurance sector, the corporation will remain focused on strengthening its leadership while contributing to national development as it approaches its platinum jubilee.

LIC commands nearly 60 % of the life‑insurance market and manages assets exceeding ₹57 lakh crore, with real‑estate holdings worth about ₹60 000 crore.

The 70‑year history of Life Insurance Corporation of India is tightly woven with the nation’s own story.

“As the economy expands, LIC expands; LIC’s growth fuels the economy, creating a synergistic relationship,” he told PTI.

Reflecting on LIC’s journey since its founding in 1956, Doraiswamy noted that its growth has always mirrored India’s development. Built on the vision, dedication and hard work of generations of staff and leaders, LIC has become one of the country’s most respected and trusted institutions, playing a vital role in nation‑building.

“From 1956 to 2026, our path has been intertwined with the nation’s progress. We aim to stay fully prepared to meet the country’s needs, support the move toward Viksit Bharat, and grow alongside India’s development,” he said.

He emphasized that LIC ranks among the largest institutions not only in India but across the continent, and that such scale brings a responsibility to evolve continuously, stay relevant, and prioritize citizens’ welfare and national interests.

“We have grown with the country and will continue to grow in line with its expectations, aspiring to remain a major player,” he added.

Outlining LIC’s long‑term vision, he said that, as new entrants join the market, the goal is not just to retain leadership but to build a substantial lead. The ambition for the 75th, 100th year and beyond is to see LIC thriving, flourishing and contributing to national development – a core objective.

LIC was established on 1 September 1956 by an Act, with the aim of widening life‑insurance reach, especially in rural areas.

It was created by the Life Insurance Corporation Act, 1956, after nationalising 245 Indian and foreign insurers and provident societies, with an initial government capital of ₹5 crore.

Today LIC operates 2 048 fully computerised branch offices, 113 divisional offices, eight zonal offices, 1 381 satellite offices and a corporate office. Its wide‑area network links the 113 divisional offices and connects all branches via a metro‑area network.

The corporation has partnered with several banks and service providers to offer online premium‑collection facilities in selected cities.

LIC also owns two wholly‑owned subsidiaries and six associates, including IDBI Bank, LIC Housing Finance and LIC Mutual Fund.

Beyond its domestic footprint, LIC maintains operations in 13 countries through branch offices, joint ventures and wholly‑owned subsidiaries.

Doraiswamy said LIC is actively exploring the creation of a fintech arm, either through strategic investment or an organic build‑up, to meet its rising digital needs.

“To satisfy modernisation demands and drive innovation, we are engaging fintech and insurtech partners, and we are seeing many new solutions emerge from these collaborations,” he said.

“As a large financial institution we invest in various organisations and also seek strategic stakes in specialised players to enhance returns on policyholders’ funds,” he noted.

Published on June 14, 2026