The Life Insurance Corporation of India (LIC) is the countrys largest insurance provider with a market share of 66.2%/61.4% in terms of new business premium for FY2021/9MFY2022. LIC is the largest asset manager in India with AUM of ?40.1 trillion, as on 31st December, 2021, on a standalone basis. LIC offers a wide variety of participating and non-participating products to its customers including ULIP’s, saving insurance products, term insurance products, health insurance, and annuity & pension products. LIC has the largest individual agent network among life insurance entities in India, comprising approximately 1.33 million individual agents as on 31st Dec’21, which was 6.8 times the number of individual agents of the 2nd largest life insurer.
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