The Life Insurance Corporation of India (LIC) is a state-owned insurance and investment company based in Mumbai, India. Established on September 1, 1956, LIC was formed through the nationalization of over 245 private life insurance companies. Its mission is to enhance the quality of life for people by providing financial security through a variety of insurance products and services.LIC offers a diverse range of life insurance options, including term insurance plans, endowment plans, unit-linked insurance plans (ULIPs), pension plans, group insurance plans, and micro insurance plans. The company serves a broad demographic across India, catering to individuals from urban and rural areas alike. As of March 2023, LIC holds a significant market share of approximately 66% in new business premiums, reflecting its strong position in the Indian insurance sector. With robust financial performance, LIC continues to expand its operations and adapt to market changes.