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The Lion Is In The Street

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The Lion Is In The Street
The Lion Is In The Street
Kundan Kishore - 01 March 2022
The name Life Insurance Corporation of India (LIC) is synonymous with insurance and savings in the country. Even today, despite higher financial awareness and availability of a myriad other asset classes, the elders of the family advise young professionals and businesspeople to buy an “LIC policy”. The fact that the insurer has 28.60 crore policyholders, as on March 31, 2021, according to the draft red-herring prospectus (DRHP) of its initial public offer (IPO), stands testimony to LIC’s strength. If all the LIC policyholders are put together, they will form a country with the fourth-largest population in the world. Whether it’s advisable to buy life insurance for savings is a matter of debate for another time, but there’s no doubt about the influence LIC has had over Indian savers over the last about 65 years of its existence. Lion’s Share LIC started with a capital of only Rs 5 crore in 1956. But today it manages assets worth over Rs 39.6 lakh crore (as on September 30, 2021). That’s bigger than the GDP of more than 75 per cent of the...
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