life insurance corporation of india is private or government
state-owned insurance group
title: Life Insurance Corporation text: Life Insurance Corporation Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of (2016). As of 2013 it had total life fund of ₹1,433,103.14 crore and total number of policies sold coming in at ₹367.82 lakh that year (2012-13). The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged title: Life insurance in India text: Life insurance in India Life Insurance is one of the fastest growing sectors in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. In 1955, mean risk per policy of Indian and foreign life insurers amounted respectively to ₹2,950 & ₹7,859 (worth ₹15 lakh & ₹41 lakh in 2017 prices). Life Insurance in India was nationalised by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were taken over by LIC. In 1993, the Government of India appointed RN title: Life Insurance Corporation text: insurance agencies. In the ensuing investigations, one of India's wealthiest businessmen, Ramkrishna Dalmia, owner of the "Times of India" newspaper, was sent to prison for two years. The Parliament of India passed the Life Insurance of India Act on 19 June 1956 creating the Life Insurance Corporation of India, which started operating in September of that year. It consolidated the business of 245 private life insurers and other entities offering life insurance services; this consisted of 154 life insurance companies, 16 foreign companies and 75 provident companies. The nationalisation of the life insurance business in India was a result of title: Life insurance in India text: required subject to the verification of insurance regularity authority of India. There are 57 insurance companies in India out of which 24 are life insurance companies and 33 are general insurance companies. A key piece of legislation impacting on the Life Insurance industries capital raising abilities is the lock-in period of 10 years for investment to be limited to promoter group equity investments. Under the Insurance Guidelines, Indian Life Insurance companies can opt for a public issue of equity through an Initial Public Offer (IPO) after 10 years of operations. In October 2010, the securities market regulator, Securities and Exchange title: Life insurance in India text: Board of India (SEBI), issued disclosure norms for Indian Life Insurance Companies seeking to make an initial public offer for sale of equity shares to the public. All life insurance companies in India have to comply with the strict regulations laid out by the Insurance Regulatory and Development Authority of India (IRDAI). Life Insurance Corporation of India (LIC), the state-owned behemoth, remains by far the largest player in the market. The private companies like Exide Life Insurance have come out with products called ULIPs (Unit Linked Investment Plans) which offer both life cover as well as scope for savings or