PAGE- 15- THE LIFE INSURANCE CORPORATION OF INDIA (LIC)

The Life Insurance Corporation of India (LIC) is the largest life insurance company in India; it is fully owned by the Government of India. It was founded in 1956.

Headquartered in Mumbai, which is considered the financial capital of India, the Life Insurance Corporation of India currently has 8 zonal Offices and 101 divisional offices located in different parts of India, at least 2048 branches located in different cities and towns of India along with satellite Offices attached to about some 50 Branches, and has a network of around one million and 200 thousand agents [1] for soliciting life insurance business from the public
Subsidiaries
LIC owns the following subsidiaries:

Life Insurance Corporation of India International: This is a joint venture offshore company promoted by LIC which commenced operations in July, 1989 with the objectives of offering US$ denomimated policies to cater to the insurance needs of NRIs and providing insurance services to holders of LIC policies currently residing in the Gulf. LIC International operates in all GCC countries.
LIC Nepal: A joint venture company formed in 2001 with the Vishal Group of Industries, Nepal.
LIC Lanka: A joint venture company formed in 2003 with the Bartleet Group of Companies, Sri Lanka.
LIC Housing Finance: Incorporated in 19th June 1989, its main objective is to provide long term finance forconstruction or purchase of houses or apartments. It has a Dubai office.
LICHFL Care Homes: A wholly owned subsidiary of LIC Housing Finance, it builds and operates "Assisted Community Living Centres" for senior citizens.