Life Insurance Corporation of India or LIC as we know it is going public soon. A major development has been initiated regarding the Initial Public Offering (IPO) of the LIC. The Government is most likely to retain only 10% stake. More than 1 Crore new Demat accounts to be opened before the launch of IPO. History The Life insurance Corporation of India was established on September 1, 1956, when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation of India. As of 2019, Life Insurance Corporation of India had total life fund of ₹28.3 trillion. The total value of sold policies in the year 2018-19 is ₹21.4 million. Life Insurance Corporation of India settled 26 million claims in 2018–19. It has 290 million policy holders. LIC's slogan योगक्षेमम् वहाम्यहम (yogakshemam vahamyaham) is in Sanskrit which loosely...
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