What is the LIC policy

LIC stands for Life Insurance Corporation. LIC of India is a life Insurance company which is fully owned by the government of India. LIC plan returns are guaranteed by the Government of India. LIC of India was started with the amalgamation of more than 200 Insurance companies.  The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost. Source: LIC India Website

LIC of India pays a huge dividend to the Government of India from the profit earned every year. This year LIC of India, on 14th September 2023, paid Rs. 1831.09 Crore Dividend cheque for the year 2022-2023 to the Honorable Finance Minister of India