Current Volume 9
Abstract
The Life Insurance Corporation of India (LIC) was established in 1956 after the insurance sector was nationalized in India. Since then, it has played an important role in the country’s economic development. Along with providing life insurance protection to people, LIC also helps in collecting savings from households and investing them in productive sectors of the economy. The funds collected by LIC are invested in government securities, infrastructure projects, housing finance, and capital markets, which support economic growth and capital formation in India. LIC has also contributed to financial inclusion by providing insurance services to people living in rural and semi-urban areas. This has improved social security and reduced financial risks for many families. As one of the largest institutional investors in the country, LIC plays a major role in maintaining stability in financial markets and supporting the government’s long-term development plans. Even after the liberalization of the insurance sector and the entry of private companies, LIC continues to hold a leading position in the Indian insurance industry. Overall, LIC has made a significant contribution to India’s economic development through savings mobilization, infrastructure investment, and inclusive growth.
Keywords
Economic Development, Capital Formation, Financial Intermediation, Life Insurance Corporation Of India (LIC), Savings Mobilization.
Citations
IRE Journals:
Prof. Awadhesh Kumar Gupta "Role of Life Insurance Corporation (LIC) In The Development of India" Iconic Research And Engineering Journals Volume 5 Issue 7 2022 Page 620-625 https://doi.org/10.64388/IREV5I7-1717788
IEEE:
Prof. Awadhesh Kumar Gupta
"Role of Life Insurance Corporation (LIC) In The Development of India" Iconic Research And Engineering Journals, 5(7) https://doi.org/10.64388/IREV5I7-1717788
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