LIC of India
Life Insurance Corporation of India (LIC)
A comprehensive, continuously updated guide to LIC of India—its history, business scale, products, claims, distribution network, digital transformation and key FY 2025-26 performance indicators.
69th Annual Report • FY 2025-26What is LIC of India?
Life Insurance Corporation of India (LIC) is a statutory corporation established under Section 3 of the LIC Act, 1956. LIC came into existence on 1 September 1956 with the objective of spreading life insurance more widely, especially in rural areas, and providing adequate financial cover at reasonable cost. LIC’s official website describes it as the dominant life insurer in India even after liberalisation. LIC official particulars
LIC’s 69th Annual Report for FY 2025-26 describes the Corporation as India’s largest life insurer, with extensive outreach, a diversified product portfolio and a significant role in financial security, financial inclusion and economic development. LIC Annual Report FY 2025-26
LIC by the numbers — FY 2025-26
LIC history: from nationalisation to a digital-first insurer
LIC product portfolio
LIC structures its offerings around customer needs. The FY 2025-26 Annual Report groups the portfolio into protection & savings, lifelong coverage, pure risk management, retirement security and market-linked solutions. Annual Report
Endowment & Money Back
Combines life protection with maturity benefits and, for eligible money-back products, periodic survival benefits.
Lifelong Coverage
Designed for lifelong protection, with product-specific guaranteed death benefits and/or survival benefits.
Term Assurance
High life cover for a specified period. Current LIC offerings include Digi Term, New Tech-Term, New Jeevan Amar, Yuva Term and Bima Kavach.
Annuity & Pension
Products designed to create retirement income through deferred or immediate annuity/pension structures.
ULIPs
Life cover combined with market-linked investment. Current examples include Index Plus, Nivesh Plus, SIIP and Protection Plus.
Micro & Government-linked
LIC also serves rural/social-sector customers through affordable and government-mandated schemes such as PMJJBY.
Examples of current LIC plans
| Category | Examples shown on LIC’s current official product pages |
|---|---|
| Endowment | New Endowment Plan (714), New Jeevan Anand (715), Jeevan Lakshya (733), Jeevan Labh (736), Bima Jyoti (760), Bima Lakshmi (881), New Jeevan Sathi (888/889) |
| Whole Life | Jeevan Umang (745), Jeevan Utsav (771), Jeevan Utsav Single Premium (883) |
| Money Back | Bima Shree (748), New Money Back 20 Years (720), New Money Back 25 Years (721), New Children’s Money Back Plan (732), Jeevan Tarun (734) |
| Term | Digi Term (876), Digi Credit Life (878), Yuva Credit Life (877), Yuva Term (875), New Tech-Term (954), New Jeevan Amar (955), Saral Jeevan Bima (859), Bima Kavach (887) |
| ULIP | Index Plus (873), Nivesh Plus (749), SIIP (752), Protection Plus (886) |
Business scale & market position
Market leadership: At 31 March 2026, LIC reported an overall life-insurance market share of 65.16% by policies and 56.66% by total First Year Premium Income. Its Individual First Year Premium market share was 36.60%, while the Pension & Group Schemes (P&GS) FYPI market share was 70.11%. Annual Report — Key Performance Indicators
New business: The annual-report infographic records 184.62 lakh new-business policies and ₹2,60,612.97 crore of First Year Premium for composite new business during FY 2025-26. Annual Report — FY 2025-26 highlights
Business in force
| Measure | FY 2025-26 | What it tells a reader |
|---|---|---|
| Individual assurance policies in force | 26.15 crore | Large continuing individual policy base |
| Individual assurance sum assured & bonus/related values | ₹75,93,633 crore | Scale of protection/savings obligations represented in the reported portfolio |
| Group schemes in force | 1,64,341 | Large group-business portfolio |
| Group lives in force | 10,20,75,989 | Very large group coverage base |
Claims settlement & policyholder payments
The Annual Report states that during FY 2025-26 LIC settled 253.91 lakh claims amounting to ₹3,12,770.86 crore, covering Individual, Micro Insurance and Pension & Group Schemes. It also states that 100% of these payments were made digitally, primarily through NEFT. Annual Report — Claims disclosure
Claims experience is highly policy-specific: actual settlement depends on the policy contract, claim type, documentation, exclusions, nomination and applicable rules. Readers should not interpret aggregate claim ratios as a guarantee for an individual claim.
Distribution & reach
14,57,045 agents
Agents on roll as at 31 March 2026. During FY 2025-26, 2,66,071 agents were recruited, including 2,03,636 in the 18–40 age group. Annual Report — Agency Strength
5,004 domestic offices
National operations/office locations reported in the Annual Report, plus 121 international offices. Annual Report — Operations
36 States/UTs
LIC reports service presence across all 28 states and 8 Union Territories in India. Annual Report — Markets served
LIC’s digital transformation
MyLIC
LIC’s customer app supports premium payments, loan servicing/repayment and revival, AutoPay, KYC/profile updates, policy documents, online purchase journeys and personalized dashboards. Nearly 95% of customer journey volumes were enabled through the platform, according to the Annual Report. Annual Report — Digital services
Super Sales Saathi
Digital enablement for approximately 14 lakh agents, around 47,000 supervisory personnel and nearly 8,000 hierarchy users, with dashboards, lead management, campaign tools and MDRT tracking. Annual Report — Digital enablement
Nav-ANANDA
Paperless onboarding using Aadhaar-based e-KYC; the platform crossed 23 lakh policies in FY 2025-26, with more than 50% growth over the previous year. Annual Report — Digital enablement
80.10% outside branches
Nearly 80.10% of renewal-premium transactions during FY 2025-26 were collected through digital and non-digital channels outside LIC branches. Annual Report — Digital services
Online channel
During FY 2025-26, LIC’s online channel procured 10,152 policies with First Premium of ₹405.12 crore; the channel offered 24 products for online purchase. Annual Report — Online channel
Bima Sakhi
2,83,249 Bima Sakhis were in force as at 31 March 2026. The channel completed 21,94,392 policies in FY 2025-26. Annual Report — Bima Sakhi
Which type of LIC plan may fit a need?
| Primary goal | Plan category to explore | Key question before buying |
|---|---|---|
| Family income protection | Term assurance | How much cover is actually required and for how long? |
| Protection + long-term savings | Endowment | What are the guaranteed and non-guaranteed benefits? |
| Periodic survival payouts | Money Back | When are survival benefits payable and what is the maturity benefit? |
| Lifelong protection | Whole Life | What is the death benefit structure and premium-paying term? |
| Retirement income | Annuity/Pension | What annuity option, rate and liquidity rules apply? |
| Market-linked wealth creation | ULIP | What are charges, fund options, risk factors and lock-in rules? |
Frequently asked questions about LIC
When was LIC established?
LIC came into existence on 1 September 1956 under the LIC Act, 1956, following nationalisation of life insurance business.
Is LIC a government company?
LIC is a statutory corporation established under the LIC Act, 1956. It was listed on Indian stock exchanges in 2022. For the latest ownership and regulatory information, refer to LIC’s investor disclosures.
How many LIC insurance plans are available?
The official LIC website currently groups products into insurance plans, pension plans, unit-linked plans, micro-insurance plans and withdrawn plans. The live product catalogue changes over time.
What is LIC’s market share?
As at 31 March 2026, the Annual Report states 65.16% overall policy market share and 56.66% market share by total First Year Premium Income.
Does LIC settle claims digitally?
Yes. LIC states that 100% of claims payments covered in its FY 2025-26 claims disclosure were made digitally, primarily through NEFT.
Where can I verify the latest LIC plan details?
Use LIC’s official website for the current product list, brochures, UINs, policy documents, service information and investor disclosures.
Official sources & further reading
LIC of India — Official Website
LIC Insurance Plans — Official Product Catalogue
LIC History — Official Website
Primary document used: LIC 69th Annual Report 2025-26, uploaded to this conversation by the site owner.