Life Insurance Corporation of India (LIC), established on 1st September 1956, when Parliament of India passed LIC Act 1956, is an Indian public sector life insurance company headquartered in Mumbai. It is the India’s largest insurance company as well as the largest institutional investor with total assets under management worth ₹45,50,571 Crore as of March 2023 with a Life Fund of ₹40,81,326 Crore. It is under the ownership of Government of India and administrative control of the Ministry of Finance. LICI having approximately 32 Crore Policyholder throughout the country with Agency strength of Approximately 13.47 lakh ranked 1st in Indian Life insurance Industry as well as 20th in Global ranking as per reports by Wikipedia in 2023. It also ranked 98th on the 2022 Fortune Global 500 list.