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YEAR EVENTS
1956 - The Corporation came into existence on 1st September, which was
the Appointed Day notified for the purpose under Section 3 of the Life
Insurance Corporation Act, 1956.
- The Corporation carries on life insurance business.
1957 - The Corporation registered itself and transacted new business in Kenya, Uganda,
Tanganyika , Zanzibar, Mauritius, Aden, Malaysia, Singapore, Hongkong and Fiji.
1960 - The Corporation opened a Branch office in London an started transacting new
business in the United Kingdom.
1964 - On 1st April, the Corporation commenced transacting all kinds of general insurance
business.
- The Corporation took over the responsibility of servicing all the old policies held
by the residents subject to certain conditions.
- The Corporation converted its office at Panjim into a Branch Office.
1981 - The Corporation introduced a new plan named "Jana Raksha Policy" with
effect from 30th May.
1988 - A Group Insurance Scheme covering the loans under the Integrated Rural
Development Scheme was introduced.
1989 - A Policy namely "Jeevan Balya" was introduced effective from 19th January,
for the benefit of children.
- Jeevan Akshay plan was modified: as a full pension with return of Guaranteed
Insurance Sum on death, and a reduced pension with a survival benefit of 30%
in the GIS at the end of 7 years from the commencement of policy and return of
GSI amount on death of the annuitant.
- On 19th June, LIC Housing Finance Ltd., was set up with an authorised capital
of Rs 100 crores contributed by LIC, UTI, IFCI and ICICI.
- Two new schemes were launched during the year in the name of Jeevan Niwas
and Jeevan Kutir.
- The LIC Housing Finance Ltd., proposes to enlarge its operations by opening 24
area offices covering another 7 states.
1990 - The Corporation introduced new plan viz., Jeevan Kishore, Jeevan Chhaya
and Jeevan Sarita.
- In March, Dhan 80 CC(1)-a tax saving scheme with potential for growth was launched.
- Dhanavarsha (1) was launched as a growing monthly income scheme with
option for accumulation plan.
- The Corporation launched five new scheme namely, Dhanavarsha 1990, Dhanavarsha (2),
Dhanasahyog, Dhan 80 CCB (1) and Chanavasha (3).
1993 - The Corporation introduced a new plan called "Asha Deep" which besides
providing for death and maturity payment, also provides benefits in case of
life assured suffers from either cancer, paralyse stroke leading to permanent
disability, renal failure of both the Kidneys, coronary artery diseases where by-pass
surgery has been done.
1994 - The Corporation introduced Bima Kiran Plan, Jeevan Shree Plan, Money Back
Children's Assurance Plan, Asha Deep - II Plan, Jeevan Aadhar.
- Two new close ended scheme namely Dhanasamriddhi - a pure growth oriented
scheme and Dhah Tax Saver - a tax saving scheme were launched.
1995 - Dhanavarsha (i), an income scheme launched in 1990 was redeemed meeting
all commitments made in the offers document.
1996 - Jeevan Suraksha planw as introduced on 15th August, to enable individuals to
provide for retirement income from a chosen date.
1997 - Jeevan Sneha plan was introduced on 16th January, specially designed for women.
- Jeevan Sanchaya plan without profits money back type with provision of
loyalty addition and guaranteed addition was introduced on 16th January.
- Jeevan Asha plan was introduced and kept open for sale from 9th October to
15th January 1998.
- 2 Close Ended Income Schemes viz., Dhanavarsha (10) and
Dhanavarsha (11) was launched.
1998 - Jeevan Sanchaya Plan was introduced with effect from 15th January.
- 3 Open Ended Schemes viz., Dhanasahayog, Dhanaraksha 1989 and
Dhanvikas (1) were launched.
- LIC Mutual Fund launched 3 new schemes viz., Dhanavarsha (12),
Dhanavarsha (13) and LIC MF Bond Fund.
1999 - Jeevan Asha II was introduced as on 15th February
- Bima Nivesh plan was inroduced with effect from 14th January.
2000 - The Company has sold 44.52 lakh equity shares of Indian Aluminium Co. Ltd.
- Life Insurance Corporation of India is getting ready to launch the first ever
unit-linked insurance plan to take on competition once the new players foray
into the sector by the end of this calender year.
- The eight Metro Area Network centres of the LIC will be linked to the Wide Area
Network launched on September 2.
- Mr. G. N. Bajpai, Executive Director, Personnel, Life Insurance Corporation of India,
took over as chairman.
- Life Insurance Corporation of India has embarked upon a major restructuring plan
based on the recommendations of Booz Allen & Hamilton.
- Mr. A. Ramamurthy and N.C. Sharma have been appointed as the Managing
Directors of the company.
- The Company has sold 2,44,500 No. of Equity shares of Carborundum Universal
at Rs 115 per share constituting 2,02 per cent of the paid up capital of the company
in terms of the buyback offer by the company.
2001 - The state-owned, Rs 1,60,000-crore Life Insurance Corporation is finally launching
its much-awaited unit-linked scheme on February 12.
- State-run insurance major Life Insurance Corporation has launched its first
market-linked product Bima Plus, in a bid to take on new private players.
- Life Insurance Corporation is set to become one of India's largest multinational
commercial entities.
- Despite the insurance sector being thrown open to private sector this year, the Life Insurance
Corporation of India registered a growth rate of 65 per cent.
- The state life insurer has declared a higher bonus for of Rs 7,206.03 crore for the year ended March 31, 2001 for its millions of policy holders.The exchequer's coffers have equally been rewarded with a higher dividend of Rs 379.27 crore.
- N P Bali has taken over from H H Faruqi as executive director (public relations and publicity) at Life Insurance Corporation's central office here.
2002-The LIC 's Mauritius operations already cater to the African continent. In Mauritius, LIC accounts for 9 per cent of the marketshare despite having been there for the past four decades. The top three companies in Mauritius account for 75 per cent of the market share.
-Life Insurance Corporation of India has sold 19,66,735 equity shares of Rs 10 each of Reckitt Benckiser India Ltd @ Rs 250 per share to M/s Reckitt Benckiser plc along with Lanacaster Square Holdings SL as Person Acting in Concert.
2003
-Launches Komal Jeevan, a child money-back policy
-Unveils "Jeevan Shree I" scheme
-Gets Rs 350-cr worth of blue chip stocks of late Harshad Mehta
-LIC inks pact with niche insurer Teachers Provident to restructure its operations in UK
-LIC joins hands with SBI where the latter will identify long-term investment proposals for LIC
-City Union Bank has tied up with LIC, for offering insurance-linked banking products which will add value to depositors and borrowers
-The company won the bid for the 1.62-crore block of shares of Associated Cement Companies (ACC) auctioned by the custodian. The comopany won the bid, at Rs 170 per share is at 16 per cent discount to october 10's closing market price of ACC, of Rs 203.2 on the BSE.
-LIC ties up with Singareni Colleries for Gratuity Life
-Mr V.J. Varghese of the Thiruvananthapuram division of the Life Insurance Corporation of India selected as a permanent invitee to the Global Insurance Organisation of Insurance Agents, headquartered in Chicago
2004
-LIC decided to join hands with CorpBank for credit cards
- Life Insurance Corporation's South Central Zone, comprising Andhra Pradesh and Karnataka, has achieved new business of 22.99 lakh policies involving a sum assured of Rs. 15,720 crores, and a premium income amounting to Rs. 570 crores as of January 15 in the current financial year.
-LIC rewards lady celebrities in Ernakulam
- In an effort to attract investments from the over 1.3 million-strong non-resident Indian community in the UK, the Life Insurance Corporation of India (LIC) has launched three new products and services here. The three new products launched by LIC chairman SB Mathur were 'Bonusbuilder Savings Plan,' 'Guaranteed Lifetime Protection Plan' and 'The Capital with Profits Bond'. The bonusbuilder savings plan provides the client with the opportunity to build up a valuable lump sum over an agreed period provided contributions are paid for the full terms. The guaranteed life time protection plan provides a valuable lump sum to the client's kith and kin in the event of the death of the client.
-LIC unveils new policy of 'Bima Nivesh', 'Bima Plus'
-LIC agents get new incentive named 'Corporate club'
-LIC mops up Rs 5,200 cr via Varishtha Pension Bima Yojana
-Life Insurance Corporation of India has informed that they have acquired 55,00,000 equity shares of Reliance Energy Limited.
-ICICI Bank, SBI, LIC in pact for Rs 20,000-cr projects
- Chattopadhyaya new manager for LIC's South Central Zone
- LIC ties up with Wipro, IBM for CRM project
-Life Insurance Corporation of India and Allahabad Bank enter into a strategic tie up to develop bancassurance
-LIC forges alliance with Union Bank for insurance-linked RD
-Life Insurance Corporation of India (LIC) has been ranked the 12th largest life insurance company in the Asian region outside Japan, by FinanceAsia
-SBI join hands with LIC for funding infrastructure projects
-Launches two new plans Jeevan Anurag and Jeevan Nidhi.
2005
-LIC inks agreement to float new JV in Saudi Arabia
-LIC introduces new unit-linked pension scheme
- Life Insurance Corporation of India signs 32nd bancassurance agreement with Dena bank on April 29, 2005..
-Central Bank ties up with LIC for home loan cover
2006
-LIC forges alliance with UTI to distribute annuity debit card
-LIC Shimla secures first position in the country
-LIC's Coimbatore division unveils Janashree Bima Yojana scheme
-LIC North Zone achieves target
-LIC starts product sales in Bahrain
2007
-LIC unveils customer service centre in Thiruvananthapuram
2008
- Life Insurance Corporation of India, South Central Zone, has joined hands with APOnline for premium payments in the e-Seva centres in Andhra Pradesh.
- Life Insurance Corporation has bought a 7-acre property from Amrutanjan Ltd for Rs 110 crore.
2009
- Hyderabad: Life Insurance Corporation (LIC) of India will be implementing a pension/insurance scheme for one crore women in Andhra Pradesh. The State Government will launch the scheme on November 1.
2010
- Life Insurance Corporation of India launched a new unit-linked policy named 'Pension Plus'. Anybody between the age of 18 and 75 is eligible for this scheme and the premium paying mode is quarterly, half-yearly, annual and single payment modes.
2011
-Life Insurance Corporation (LIC) stated that as of January 29, 2011, it has surpassed the landmark 2.5 crore policies in 2011 and has completed 2,52,44,846 policies.
-LIC launches two non linked plans namely the Bima Account I and Bima Account II which are the first Variable Insurance Plans under the new IRDA regime.
-Axis Bank and LIC tie up to offer credit cards.
2012
-LIC introduces new single premium policy.
-LIC increases stake in Cairn India; buys over 5% stake through open market route.
-Life Insurance Corporation of India (LIC) has introduced a micro insurance product particularly keeping in mind the economically weaker section.
-LIC launches Jeevan Vriddhi
2013
-Life Insurance Corporation of India (LIC) has hiked its stake in Infosys the second largest software exporter of India.
-Usha Sangwan to become first women MD at LIC.
2016
-LIC launches Jeevan Labh.
-LIC invests Rs 1.5 trn in G-Secs, crosses regulatory limits.
-LIC buys shares worth Rs 10,400 cr in 18 Sensex cos in Q3.
2017
-LIC launches two Aadhaar based policies
-LIC investment income at Rs 1,80,117 cr in 2016-17.
2018
-LIC gets nod to buy majority stake in IDBI Bank.
2019
-LIC completes 51% controlling acquisition in IDBI bank.
-LIC launches Micro Bachat plan
-LIC Housing partners with IMGC to offer special loan scheme with mortgage guarantee
2020
-LIC Pension and Group Scheme Vertical's premium income crosses Rs 1 lakh crore.
- LIC to be listed says Sitharaman.
-LIC buys 2.38 pc stake in RITES through OFS.
LIC declares relaxation for premium payments.
-LIC launches modified PMVVY pension scheme.
2021
-LIC of India acquires over 2% stake in Union Bank of India.
-Life Insurance Corporation of India (LIC) bought 4,38,02,790 equity shares or 2.01% stake of Bharat Petroleum Corporation from 11 June 2018 to 28 December 2021.
-Life Insurance Corporation of India (LIC) on Monday, 19 April 2021, purchased 46,000 equity shares, or 0.02% stake, of Voltas through the stock exchanges.
2022
-Life Insurance Corporation of India (LIC) increased its stake in Housing Development Finance Corporation (HDFC) to 5.003% from 4.991% earlier.
-LIC bought 72,66,765 shares, 2.040% equity, of Siemens at an average cost of Rs 2,819.26 .
-LIC increased its shareholding to 5.036% stake from 4.989% stake held in PI Industries.
-LIC hikes stake in Mahanagar Gas.
2023
-LIC of India introduces new plan LIC's DHAN VRIDDHI NO. (plan 869).
- Life Insurance Corporation of India Partnership with Saraswat Cooperative Bank Ltd.
-LIC of India introduced new plan LIC's JEEVAN UTSAV (Plan No. 871)
-LIC of India introduced new plan LIC AMRITBAAL.
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