New Delhi: Indians are celebrating the Life Insurance Nationalisation Day by trending the hashatg - #LICtheGREAT - on Twitter. For the unversed, the Indian government, on January 19, 1956, had natinolised the country’s life insurance sector, a move that subsequently led to the birth of Life Insurance Corporation (LIC) of India, on September 1, 1956.
The step to nationalise the life insurance sector was taken by then Union Finance Minister, CD Deshmukh. 66 days years down the history lane, the country’s largest life insurance company is all set to launch its intial public offering (IPO).
On the Life Insurance Nationalisation Day, #LICtheGREAT has been trending on Twitter, in whatc could be a positive sign ahead of the largest IPO the country has ever witnessed.
Su Venkatesan, Member of Parliament from Madurai, said on Twitter, “Jan 19 – 1956 Life Insurance Nationalisation day. The day Banyan seeds were sown 66 years ago. Grown very big with many Column roots shouldering the great nation. #LICtheGREAT”
10 lesser-known facts about LIC:
- LIC was established after the government merged 245 insurers, inlucing 154 life insurance companies, 16 foreign companies and 75 provident companies.
- The government had set up LIC as a statutory corporation under the the LIC Act, 1956.
- In 1959, LIC’s Chennai building was inaugurated. The tower was the tallest building in India at that time.
- LIC enjoyed the nationalisaton of insurers for 44 years. The Centra government finally allowed private life insurance companies to operate in India in 2000.
- The Central government owns a 100% stake in LIC.
- LIC is the largest institutional investor in the Indian share market.
- In the financial year 2021, LIC’s sale grew 299 per cent, as the insurer sold 2.1 crore policies till March 2021.
- LIC IPO is expected to open for subscription by March 2022 end.
- LIC’s slogan ‘योगक्षेमम् वहाम्यहम'(yogakshemam vahamyaham) means, “Your welfare is our responsibility” Also Read: Good news for NPS subscribers! Soon, change investment pattern 4 times in a financial year
- The first woman Managing Director of LIC, Usha Sangwan, was appointed in 2013. Also Read: AGS Transact IPO: Retail quota fully subscribed on day one, check latest GMP, expected listing price
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