LIC stands for Life Insurance Corporation of India and it is the biggest, government owned insurance company in India. It is the biggest financial institute in India. LIC is the biggest insurance service provider in India. It manages a huge fund of approximately Rs. 80,00,000 crores.
Why LIC is to be preferred?
LIC is the single largest institutional investor in the equity market! It has a large group of trained, qualified, experienced officers who work hard day in and day out before finalizing any investment decision. Life Insurance Corporation of India has constant flow of fund and adequate availability of fund to take timely benefit of opportunity in stock market. In 2008-2009 when market was at its low, LIC invested about 40000 crore.
The official site of LIC is www.licindia.in has invested huge amounts in many blue chip companies and has nominee directors in their board. Experience and expertise of LIC as an organization both in capital & Financial sector is unparalleled. According to the reports, LIC was the only insurance company in profit. So, your money is safe there.
Please read IRDA Annual report dated 07-01-2010 Pvt. company loss.
HDFC : -503 cr
BIRLA : -702 cr
REL : -1085 cr
ICICI : -780 cr
BAJAJ : -71 cr
SBI : -26 cr
TATA : -565 cr
LIC : +957 Cr Profit