Company Directory - Life Insurance Corporation of India
Company Details - Life Insurance Corporation of India
Life Insurance Corporation of India
WebsiteMumbai, India
Life Insurance Corporation of India (LIC) is a state-owned insurance group and investment corporation in India, established in 1956 to provide affordable insurance solutions. It is one of the largest life insurers in the country, offering a range of life insurance and investment products to millions of Indians.
CCI Score
CCI Score: Life Insurance Corporation of India
-40.03
0.02%
Latest Event
LIC Rule Changes Undermine Inclusivity for the Poor
Opposition leader Rahul Gandhi criticized recent rule changes at LIC that, by reducing commissions and restricting policy terms, risk making insurance less affordable for marginalized communities. These moves signal a departure from LIC's founding mission of protecting the poor and have raised concerns among agents and labor unions.
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TOADIE
Life Insurance Corporation of India is currently rated as a Toadie.
Latest Events
- MAR192025
Opposition leader Rahul Gandhi criticized recent rule changes at LIC that, by reducing commissions and restricting policy terms, risk making insurance less affordable for marginalized communities. These moves signal a departure from LIC's founding mission of protecting the poor and have raised concerns among agents and labor unions.
- JAN292023
A critical report by Janata Weekly on January 29, 2023, argues that the privatisation of the state-owned LIC shifts control of vast public savings into the hands of private corporate interests, undermining its original social mandate and potentially paving the way for regulatory capture and elitist economic policies that align with authoritarian tendencies.
-75
Economic and Structural Influence
March 19
The decision to privatise LIC is viewed as a strategic shift that compromises public accountability. By transferring control of an institution originally established to serve the public and safeguard policyholder funds, LIC is now set on a path that favors corporate profit and elite economic interests. This move is seen as part of broader economic collaboration with powerful private players and indicative of regulatory capture, which can contribute to authoritarian economic practices.
- FEB262022
On 26 February 2022, India's Cabinet approved a policy amendment permitting up to 20% foreign direct investment in Life Insurance Corporation of India ahead of its listing. This move has raised concerns among critics who argue that allowing foreign capital into a state-owned insurer could erode state accountability and open the door to profit-driven, potentially influence-peddling practices that undermine public welfare.
-30
Economic and Structural Influence
March 19
The introduction of a 20% FDI cap in LIC is an economic policy shift that may lead to increased foreign influence and reduced public control over a major state-owned insurer. From an anti-fascist, left-leaning perspective, this move can be seen as aligning with neoliberal practices that favor private capital over public accountability. Although it may promote market liberalization, it raises concerns about regulatory capture and the erosion of safeguards against profit-driven agendas that could compromise democratic oversight.
India - Allows 20 per cent foreign participation in the Life Insurance Corporation ahead of listing
- MAR182021
LIC employees participated in a nationwide strike on March 18, 2021, protesting the Centre's proposals to divest state stake and move toward privatization. The strike, organized by employee unions, reflects deep concerns that such moves could undermine employee rights and the public service mandate of LIC.
-50
Labor Relations and Human Rights Practices
March 19
The employees' strike, driven by the All India Insurance Employees’ Association, signals strong opposition to government-led disinvestment proposals that could erode labor protections and alter the foundational public service mission of LIC. This labor unrest indicates a failure in maintaining fair labor practices and protecting workers' rights, which are crucial from an anti-authoritarian, anti-privatization perspective.
- FEB022020
LIC's planned disinvestment through an IPO has ignited strong union protests, with trade unions arguing that selling a stake in this public asset will shift decades of accumulated public wealth into the hands of private corporates, undermining workers’ rights and broader social welfare.
-50
Labor Relations and Human Rights Practices
March 19
The strong union reaction against the disinvestment move highlights concerns over labor relations and human rights practices. The protest underscores fears that the move weakens job security and undermines the collective bargaining power of employees, which is central to a fair and equitable working environment.
-70
Economic Collaboration
March 19
The decision to pursue disinvestment in LIC is seen as an economic strategy that transfers state-built assets into the realm of private corporate control. This enhances corporate influence over a major public institution, potentially fostering economic collaboration that prioritizes private over public interest, a trend that can have authoritarian implications.
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- Direct Life Insurance Carriers
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- Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds