In India, there is hardly anyone who hasn’t heard about LIC. The line ‘Zindagi Ke Saath Bhi, Zindagi Ke Baad Bhi’ is a part of our childhood as well as adulthood. From radio to television, to newspaper, and to the internet, it is anywhere and everywhere, and honestly, with its presence on every media platform, it is quite hard to not get noticed.
Life Insurance Corporation is also known as LIC is owned by the Government of India and comes under the Ministry of Finance. It is the biggest life insurance company in India and has over 70% of the market share.
LIC was founded in the year 1956 and since then has played the role of a constant supporter for most of the people seeking life insurance in India. The importance of life insurance is growing throughout the country. Now LIC is not just an insurance company anymore, it has many subsidiaries that serve different sectors. In this article, we will find out about the subsidiaries of LIC. So let’s get started with it.
“A policy of life insurance is the cheapest and safest mode of making a certain provision for one's family.” -Benjamin Franklin
LIC Housing Finance
This subsidiary of LIC was established in the year 1989 and is said to be one of the biggest Housing Finance Companies in the country. They provide long-term financial service to their consumers so that they can purchase or construct their choice of residence. The headquarters is situated in Mumbai and it has over 2103 people working under it as of 2019.
Apart from that, the company also provides finance to the people who want to renovate and repair their residential places. LIC Housing Finance went public in the year 1994 and has over 450 centres across all over the country. As of 2021, LIC Housing Finance revenue is ₹ 1.21TCrore.
Established in the year 1989 on the 23rd of July in Bahrain, the main objective of this subsidiary of LIC is to provide life insurance to the Indian people living in the GCC countries. As of now, LIC International is operated in four countries, that is Bahrain, Kuwait, Oman, and UAE.
Apart from this, LIC also has a license to sell life insurance to people from any other country in some selected markets. As of 2016, LIC International is said to be a billion-dollar company that ruled the Kingdom of Bahrain for a number of years. Such is the impact that it has won several awards amongst them, it has won the MEIF 2012 award from the Central Bank of Bahrain.
LIC Cards Services
This subsidiary was established in the year 2008 on 11thof November. LIC launched their own Credit cards in the market. There are four different types of credit cards that are offered here. It is mainly suited for those who pay a large LIC premium. The card offers lots of unique features to its users and attracts its users by providing reward points and cashback.
There are LIC Gold Credit Cards, LIC Platinum Credit Cards, LIC Titanium Credit Cards, and last but not least LIC Signature Credit Cards. The headquarters is situated in New Delhi, India, and the total revenue as of 2020-21 of the company is ₹ 11.85 Crore.
LIC Mutual Fund
LIC Mutual Fund Ltd. started its journey on the month of April 1989; it is a direct subsidiary of LIC and is one of the premium brands that provide financial security services to its customers. It is said to be managed over ₹15002.38 Crore worth of assets. It offers total 25 numbers of schemes. The Headquarters is situated in Mumbai, India and currently, the company’s revenue is $65.5 Million. Dinesh Pangtey is the CEO of LIC Mutual Fund Ltd.
LIC Pension Fund
Established in the year 2007 on the month of November LIC Pension Fund is the Subsidiary of LIC and is considered India’s first pension fund. This fund is to secure the future related to the finance of the people after their retirement. These four schemes are provided by LIC Pension Fund. There is Jeevan Shanti, LIC Jeevan Akshay-VII, Pradhan Mantri Vaya Vandana Yojana, and Saral pension. Its headquarters is situated in Mumbai, India. Smt. Priti Panwar is the current CEO of LIC Pension Fund Ltd.
IDBI Bank was established in the year 1964 and has been providing banking and financial services since then. Apart from that, they are constantly offering digital services to their customers and have a wide range of ATM networks all across the country. In 2019, RBI has categorized it as a private bank.
As of 2021, IDBI Bank has over 17736 employees working for it and the bank has 1891 branches all across the country. Apart from that, it also has one overseas branch in Dubai. Since 2018, Rakesh Sharma is serving as the CEO of IDBI Bank.
LIC has established itself as a brand in India, with so many subsidiaries; it has been trying to keep up with its name of being one of the biggest companies in India. It is doing everything, from providing mutual fund service to banking service, to pension as well. LIC is taking every chance to serve their customer in a bigger and better way possible and take the company to the top.
Is LIC government or private?
LIC is a government organization and the government of India owns a 100% stake in the insurance company.
What is the subsidiary of LIC?
IDBI Bank, LIC Mutual Fund, LIC Pension Fund, LIC Housing Finance, LIC Cards Services, and LIC International are some of the subsidiaries of LIC.
How many MDs does LIC have?
LIC currently has four Managing Directors.