<Tr> <Th> Subsidiaries </Th> <Td> LIC Housing Finance LIC Pension Fund Ltd . LIC International LIC Cards Services LIC Mutual Fund </Td> </Tr> <Tr> <Th> Website </Th> <Td> www.licindia.in </Td> </Tr> <P> Life Insurance Corporation of India (LIC) is an Indian state - owned insurance group and investment company headquartered in Mumbai . It is the largest insurance company in India with an estimated asset value of ₹ 1,560,482 crore (US $240 billion). As of 2013 it had total life fund of Rs. 1433103.14 crore with total value of policies sold of 367.82 lakh that year . </P> <P> The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India . Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation . </P>

Life insurance corporation of india is private or government