{"id":176594,"date":"2025-09-20T10:15:40","date_gmt":"2025-09-20T04:45:40","guid":{"rendered":"https:\/\/www.practicemock.com\/blog\/?p=176594"},"modified":"2025-09-20T11:04:07","modified_gmt":"2025-09-20T05:34:07","slug":"lic-history-headquarters-chairperson-and-important-facts","status":"publish","type":"post","link":"https:\/\/www.practicemock.com\/blog\/lic-history-headquarters-chairperson-and-important-facts\/","title":{"rendered":"LIC \u2013 History, Headquarters, Chairperson, and Important\u00a0Facts"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/www.practicemock.com\/blog\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/www.practicemock.com\/blog\/category\/banking-insurance\/\">Banking &amp; Insurance<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\">LIC \u2013 History, Headquarters, Chairperson, and Important\u00a0Facts<\/span><\/span><\/div>\n\n\n<p><\/p>\n\n\n\n<p>The Life Insurance Corporation of India, also known as LIC, is one of India&#8217;s most trusted financial institutions. For decades, it has played a vital role in providing financial security and life insurance services to millions of Indians. Whether you live in a big city or a village, LIC&#8217;s presence is felt across the country. In this article, we will present LIC&#8217;s history, headquarters, leadership, and key facts in a simple and easy-to-understand manner.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-vivid-cyan-blue-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.practicemock.com\/?next=https%3A%2F%2Fwww.practicemock.com%2Fs1pricing%2Findex.php%3Fc%3Dpremium&amp;ref=11902\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Join Now! &amp; Take Banking Online Preparation Courses<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-vivid-cyan-blue-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.practicemock.com\/blog\/static-gk-download-free-pdfs-all-government-banking-exams\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Static GK For All Government, Banking Exams- Download Free PDF<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">History of LIC<\/h2>\n\n\n\n<p>At the top of LIC&#8217;s leadership is the Chairman, who is appointed by the Government of India to guide its strategic direction. Until September 2025, the Chairman is Siddhartha Mohanty, who assumed the position in April 2023 for a five-year term. An IIT Kharagpur alumnus with decades of experience in insurance, Mohanty previously served as LIC&#8217;s Managing Director and played a key role in modernizing the corporation.<br>Prior to Mohanty, notable Chairmen included M. N. Srinivasan (2000-2004), who expanded LIC&#8217;s international footprint, and Sunil Bihari Mathur (2019-2023), who navigated the challenges of the COVID-19 pandemic and the 2022 IPO. The Chairman works with a Board of Directors,<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Pre-Independence Era<\/h3>\n\n\n\n<p>Before India became independent in 1947, life insurance services were mostly offered by private companies. Some of the first insurance companies in India were:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>The Oriental Life Insurance Company<\/strong> in Kolkata was established in 1818.<\/li>\n\n\n\n<li><strong>Bombay Mutual Life Assurance Society was<\/strong> started in 1870.<\/li>\n\n\n\n<li><strong>Postal Life Insurance was<\/strong> introduced in 1884.<\/li>\n\n\n\n<li><strong>Bharat Insurance Company was<\/strong> founded in 1896.<\/li>\n<\/ul>\n\n\n\n<p>These companies laid the foundation for life insurance in India. However, insurance coverage was limited, and many people, especially in rural areas, did not have access to life insurance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Post-Independence &amp; Nationalization<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>After independence, the government aimed to make life insurance accessible to all citizens.<\/li>\n\n\n\n<li>In <strong>1956<\/strong>, the <strong>Life Insurance Corporation of India (LIC)<\/strong> was formed by merging <strong>245 private life insurers<\/strong> under the <strong>Life Insurance of India Act, 1956<\/strong>.<\/li>\n\n\n\n<li>LIC became a state-owned monopoly, tasked with spreading life insurance across the country, especially in underserved areas.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-vivid-cyan-blue-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.practicemock.com\/blog\/weekly-current-affairs-download-free-pdf\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Weekly Current Affairs- Download Free PDF<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">LIC Headquarters and Organisational Structure<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Headquarters<\/h3>\n\n\n\n<p>LIC\u2019s corporate headquarters is located in <strong>Mumbai, Maharashtra<\/strong>. Mumbai, being the financial capital of India, serves as the perfect location for LIC\u2019s central operations. Over the years, LIC has expanded its network to cover the entire country.<\/p>\n\n\n\n<p>Today, LIC operates with:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>2,048 branch offices<\/li>\n\n\n\n<li>113 divisional offices<\/li>\n\n\n\n<li>8 zonal offices<\/li>\n\n\n\n<li>1 corporate office in Mumbai<strong><br><\/strong><\/li>\n<\/ul>\n\n\n\n<p>This wide network ensures that LIC can serve people in both urban and rural areas efficiently.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Organizational Structure<\/h3>\n\n\n\n<p>LIC\u2019s organisational structure is designed to make its operations smooth and effective. It includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Underwriting Department<\/strong>: Evaluates insurance applications and decides the risk and premium.<\/li>\n\n\n\n<li><strong>Claims Department<\/strong>: Handles policy claims and ensures timely payments to policyholders.<\/li>\n\n\n\n<li><strong>Actuarial Department<\/strong>: Calculates risk and premium, and helps LIC remain financially stable.<\/li>\n\n\n\n<li><strong>Investment Department<\/strong>: Invests LIC\u2019s funds in various sectors to generate returns.<\/li>\n<\/ul>\n\n\n\n<p>This structure ensures that LIC operates efficiently and serves millions of customers every day.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-vivid-cyan-blue-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.practicemock.com\/blog\/the-hindu-editorial-vocabulary\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>The Hindu Editorial Vocabulary- Download Free PDF<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Leadership and Governance<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Chairperson and CEO<\/h3>\n\n\n\n<p>LIC\u2019s leadership has been instrumental in shaping its growth. As of July 14, 2025, R. Doraiswamy has been appointed as the Managing Director (MD) and Chief Executive Officer (CEO) of LIC. His term is for three years or until he reaches the age of 62, whichever comes first.<\/p>\n\n\n\n<p>Before Doraiswamy, <strong>Siddhartha Mohanty<\/strong> served as MD and CEO. He played a key role in LIC\u2019s modernisation and operational improvements. After his tenure ended, <strong>Sat Pal Bhanoo<\/strong> acted as interim MD and CEO until Doraiswamy\u2019s appointment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Board of Directors<\/h3>\n\n\n\n<p>LIC is governed by a <strong>Board of Directors<\/strong>, which includes the CEO, managing directors, and other senior officials. The board\u2019s role is to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Make strategic decisions<\/li>\n\n\n\n<li>Formulate policies<\/li>\n\n\n\n<li>Ensure LIC follows government regulations<\/li>\n\n\n\n<li>Maintain transparency and accountability<\/li>\n<\/ul>\n\n\n\n<p>Strong leadership has helped LIC remain India\u2019s most trusted insurance provider for decades.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key Facts and Milestones<\/h2>\n\n\n\n<p>LIC has achieved numerous milestones over the decades, making it one of India&#8217;s most trusted financial institutions. Its journey is filled with achievements that reflect growth, stability, and a strong commitment to serving millions of policyholders.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Financial Performance<\/h3>\n\n\n\n<p>LIC is not only a life insurance provider but also a major financial institution in India. It collects huge amounts of premiums and invests them in various sectors like banking, infrastructure, and industry.<\/p>\n\n\n\n<p>In the financial year ending March 2025, LIC reported a Profit After Tax (PAT) of \u20b948,151 crore, which was an 18% increase from the previous year. This shows LIC\u2019s financial strength and stability.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Initial Public Offering (IPO)<\/h3>\n\n\n\n<p>LIC entered the stock market through an Initial Public Offering (IPO) in May 2022. The government offered a small stake in LIC to the public to raise funds. This IPO made LIC a publicly traded company, increasing transparency and allowing people to invest in India\u2019s largest insurance company.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Strategic Investments<\/h3>\n\n\n\n<p>LIC is one of the largest institutional investors in India. It holds significant stakes in banks, infrastructure companies, and industries. LIC\u2019s investments help boost the Indian economy and support various development projects across the country.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Subsidiaries and Affiliates<\/h3>\n\n\n\n<p>LIC has expanded its operations through several subsidiaries, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>LIC Housing Finance<\/strong>: Offers loans for buying homes.<\/li>\n\n\n\n<li><strong>LIC Mutual Fund<\/strong>: Provides mutual fund investment options.<\/li>\n\n\n\n<li><strong>LIC Cards Services Ltd.<\/strong>: Issues and manages credit cards.<\/li>\n\n\n\n<li><strong>LIC Pension Fund Ltd.<\/strong>: Manages pension funds for retirees.<br><\/li>\n<\/ul>\n\n\n\n<p>These subsidiaries allow LIC to provide a wide range of financial services beyond just life insurance.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Social Responsibility<\/h3>\n\n\n\n<p>LIC has also been actively involved in social initiatives. It promotes financial literacy, conducts awareness programs, and supports various community development activities. LIC\u2019s contribution to society goes beyond just insurance and financial services.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Some  Important Questions related to the Banking Awareness section<\/h2>\n\n\n\n<p>Q1. What does LIC stand for?&nbsp;<\/p>\n\n\n\n<p>A: Life Insurance Corporation<\/p>\n\n\n\n<p>Q2. When was LIC established?&nbsp;<\/p>\n\n\n\n<p>A: 1956<\/p>\n\n\n\n<p>Q3. Where is LIC\u2019s headquarters?&nbsp;<\/p>\n\n\n\n<p>A: Mumbai<\/p>\n\n\n\n<p>Q4. Who is the current Chairperson (2025)?&nbsp;<\/p>\n\n\n\n<p>A: Siddhartha Mohanty<\/p>\n\n\n\n<p>Q5. Who is the current MD &amp; CEO (2025)?&nbsp;<\/p>\n\n\n\n<p>A: R. Doraiswamy<\/p>\n\n\n\n<p>Q6. What is LIC?&nbsp;<\/p>\n\n\n\n<p>A: A state-owned life insurance and financial services corporation in India.<\/p>\n\n\n\n<p>Q7. What was the first life insurance company in India?&nbsp;<\/p>\n\n\n\n<p>A: Oriental Life Insurance (1818)<\/p>\n\n\n\n<p>Q8. What is LIC\u2019s organisational structure?&nbsp;<\/p>\n\n\n\n<p>A: Departments for underwriting, claims, actuarial, and investment.<\/p>\n\n\n\n<p>Q9. When did LIC launch its IPO?&nbsp;<\/p>\n\n\n\n<p>A: 2022<\/p>\n\n\n\n<p>Q10. What is LIC\u2019s main role?&nbsp;<\/p>\n\n\n\n<p>A: Providing life insurance and financial security.<\/p>\n\n\n\n<p>Q11. How many branch offices does LIC have?&nbsp;<\/p>\n\n\n\n<p>A: 2,048<\/p>\n\n\n\n<p>Q12. What is LIC Housing Finance?&nbsp;<\/p>\n\n\n\n<p>A: A subsidiary offering home loans.<\/p>\n\n\n\n<p>Q13. What is LIC Mutual Fund?&nbsp;<\/p>\n\n\n\n<p>A: An investment arm providing mutual fund schemes.<\/p>\n\n\n\n<p>Q14. What is LIC\u2019s social responsibility?&nbsp;<\/p>\n\n\n\n<p>A: Promoting financial literacy and community development.<\/p>\n\n\n\n<p>Q15. What was LIC\u2019s Profit After Tax in FY 2025?&nbsp;<\/p>\n\n\n\n<p>A: \u20b948,151 crore<\/p>\n\n\n\n<p>Q16. How many private insurers merged to form LIC in 1956?&nbsp;<\/p>\n\n\n\n<p>A: 245<\/p>\n\n\n\n<p>Q17. Under which Act was LIC formed?&nbsp;<\/p>\n\n\n\n<p>A: Life Insurance of India Act, 1956<\/p>\n\n\n\n<p>Q18. What was India\u2019s first mutual life assurance society?&nbsp;<\/p>\n\n\n\n<p>A: Bombay Mutual (1870)<\/p>\n\n\n\n<p>Q19. When was Postal Life Insurance introduced?&nbsp;<\/p>\n\n\n\n<p>A: 1884<\/p>\n\n\n\n<p>Q20. What is the role of the Underwriting Department?&nbsp;<\/p>\n\n\n\n<p>A: Evaluates risk and sets the premium<\/p>\n\n\n\n<p>Q21. What is the role of the Claims Department?&nbsp;<\/p>\n\n\n\n<p>A: Settles policy claims<\/p>\n\n\n\n<p>Q22. What is the role of the Actuarial Department?&nbsp;<\/p>\n\n\n\n<p>A: Calculates risk and premium<\/p>\n\n\n\n<p>Q23. What is the role of the Investment Department?&nbsp;<\/p>\n\n\n\n<p>A: Manages LIC\u2019s funds<\/p>\n\n\n\n<p>Q24. How many divisional offices does LIC have?&nbsp;<\/p>\n\n\n\n<p>A: 113<\/p>\n\n\n\n<p>Q25. How many zonal offices does LIC have?&nbsp;<\/p>\n\n\n\n<p>A: 8<\/p>\n\n\n\n<p>Q26. Who appoints the LIC Chairman?&nbsp;<\/p>\n\n\n\n<p>A: Government of India<\/p>\n\n\n\n<p>Q27. Who was LIC Chairman during 2000\u20132004?&nbsp;<\/p>\n\n\n\n<p>A: M. N. Srinivasan<\/p>\n\n\n\n<p>Q28. Who was LIC Chairman during 2019\u20132023?&nbsp;<\/p>\n\n\n\n<p>A: Sunil Bihari Mathur<\/p>\n\n\n\n<p>Q29. What is LIC\u2019s global significance?&nbsp;<\/p>\n\n\n\n<p>A: Largest institutional investor in India<\/p>\n\n\n\n<p>Q30. What was LIC\u2019s PAT in FY 2025?&nbsp;<\/p>\n\n\n\n<p>A: \u20b948,151 crore<\/p>\n\n\n\n<p>Q31. Name one LIC subsidiary for credit cards.&nbsp;<\/p>\n\n\n\n<p>A: LIC Cards Services Ltd.<\/p>\n\n\n\n<p>Q32. Name one LIC subsidiary for pensions.&nbsp;<\/p>\n\n\n\n<p>A: LIC Pension Fund Ltd.<\/p>\n\n\n\n<p>Q33. What is LIC\u2019s social role?&nbsp;<\/p>\n\n\n\n<p>A: Financial literacy &amp; community development<\/p>\n\n\n\n<p>Q34. What is LIC\u2019s global significance?&nbsp;<\/p>\n\n\n\n<p>A: Largest institutional investor in India<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-vivid-cyan-blue-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.practicemock.com\/?next=https%3A%2F%2Fwww.practicemock.com%2Fs1pricing%2Findex.php%3Fc%3Dpremium&amp;ref=11902\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Join Now! &amp; Take Banking Online Preparation Courses<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-text-align-center\"><em><strong>Join our exclusive Telegram group where our experts are ready to answer all your queries, guide you in banking exam preparation, and give personalised tips to boost your success. Get access to real-time solutions, expert advice, and valuable resources to improve your study journey. [Click here to join now!]<\/strong><\/em><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-vivid-red-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/t.me\/bankgovtjobexamprep\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>PracticeMock Telegram group Link<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Banking Free Mock Test<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><a href=\"https:\/\/www.practicemock.com\/ibps-rrb-officer-test-series\/?ref=11902\" target=\"_blank\" rel=\"noreferrer noopener\">IBPS RRB PO Free Mock Test<\/a><\/td><td><a href=\"https:\/\/www.practicemock.com\/ibps-po-test-series\/?ref=11902\" target=\"_blank\" rel=\"noreferrer noopener\">IBPS PO Free Mock Test<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/www.practicemock.com\/sbi-po-test-series\/?ref=11902\" target=\"_blank\" rel=\"noreferrer noopener\">SBI PO Free Mock Test<\/a><\/td><td><a href=\"https:\/\/www.practicemock.com\/ibps-clerk-test-series\/\" target=\"_blank\" rel=\"noreferrer noopener\">IBPS Clerk Free Mock Test<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/www.practicemock.com\/ibps-rrb-assistant-test-series\/\" target=\"_blank\" rel=\"noreferrer noopener\">IBPS RRB Clerk Free Mock Test<\/a><\/td><td><a href=\"https:\/\/www.practicemock.com\/sbi-clerk-test-series\/\" target=\"_blank\" rel=\"noreferrer noopener\">SBI Clerk Mock Test<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.practicemock.com\/?next=https%3A%2F%2Fwww.practicemock.com%2Fs1pricing%2Findex.php%3Fc%3Dpremium&amp;ref=11902\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1141\" height=\"629\" src=\"https:\/\/www.practicemock.com\/blog\/wp-content\/uploads\/2025\/09\/New-Banking-Packages-Banner.png\" alt=\"\" class=\"wp-image-171865\"\/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Explore LIC\u2019s history, headquarters, chairperson, key milestones, and important facts. Learn about India\u2019s most trusted life insurance corporation.<\/p>\n","protected":false},"author":13,"featured_media":176637,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[22],"tags":[],"class_list":["post-176594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-insurance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>LIC \u2013 History, Headquarters, Chairperson, and Important\u00a0Facts<\/title>\n<meta name=\"description\" content=\"Explore LIC\u2019s history, headquarters, chairperson, key milestones, and important facts. 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