Warm Greetings to All Ex LICians as well as Working LICians on 69th Anniversary of LIC Today 1st September 2025
69 years journey of LIC from 01.09.1956 to 01.09.2025 explained very nicely
Feel proud to be an Ex LICian today
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Perfect 👍
Here’s a timeline-style history of LIC (1956–2025) for its 69th anniversary:
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📜 LIC of India – Timeline Since 1.9.1956
🔹 1956 – Birth of LIC
1st September 1956: Life Insurance Corporation of India (LIC) established.
Formed by merger of 245 private insurers through the LIC Act, 1956.
Govt. invested ₹5 crore as initial capital.
🔹 1960s – Expansion & Social Mission
Rapid spread of branches across India.
Brought insurance to villages & small towns.
Popularised the idea of insurance as social security, not luxury.
🔹 1970s – Monopoly Strengthens
LIC becomes the sole life insurer in India.
Mobilises public savings for nation-building projects (railways, dams, power plants).
Trust in LIC grows as it turns into a household name.
🔹 1980s – Household Penetration
Aggressive recruitment of agents across India.
Expansion of policies for salaried class, farmers, and small traders.
LIC becomes synonymous with “insurance” in India.
🔹 1990s – Liberalisation Challenges
Economic reforms begin in 1991.
Calls to open insurance sector to private players.
1999: Insurance Regulatory and Development Authority of India (IRDAI) Act passed.
🔹 2000 – End of Monopoly
Private insurers allowed entry.
LIC faces competition for the first time (ICICI Prudential, HDFC Life, SBI Life, etc.).
Despite competition, LIC retains dominant market share.
🔹 2000s – Technology & Modernisation
Launch of online premium payment & e-services.
Policies targeted at youth, women, and NRIs.
Expands to 13+ foreign countries (UK, Fiji, Singapore, Mauritius, etc.).
🔹 2010s – Still the Giant
LIC retains around 70% market share in life insurance.
Crosses milestone of ₹20 lakh crore assets under management (AUM).
Enters housing finance, mutual funds, and pension funds.
🔹 2022 – Historic IPO
May 2022: LIC launches India’s biggest IPO, raising ₹21,000 crore.
Listed on NSE & BSE.
Becomes one of India’s most valuable companies.
🔹 2025 – 69th Anniversary
LIC manages ₹49 lakh crore+ AUM.
Serves 30 crore+ policyholders.
Continues as India’s largest life insurer with ~65% market share.
Motto remains: “Yogakshemam Vahamyaham” (Your welfare is our responsibility).
✨ Legacy: From ₹5 crore in 1956 to ₹49 lakh crore AUM in 2025, LIC has been India’s backbone in savings, security, and nation-building for 69 years.
1 comment:
Feel proud of Ex LICian seems Loss of TU rights under ID Act 1947 in the name Sec 48/ Stagnant wages/ No Pension for 37 years/ Entry grade cadre as Lifelong cadre unlike SBI and PSBs/No Upgradation of pension like RBI. It is the reforms of Pvn Rao showed whole of India that workers are getting double the real wages now ie.,3% PA along with Pension in all formal sectors. GOI got back 12% PA cumulatively for the investment made in 1956 just selling 3.5% shares in LIC. Thus it has now Windfall Profit of more than 7 lakh crores. If LIC is privatized with just 51% shares it may go up to 15 lakh crores to be utilized for the lowliest of low poor Indians.
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