insurance · In Force

Life Insurance Corporation Act 1956

2021: enabled LIC IPO (India's largest – Rs 21,000 crore). Government retains 96%+ stake. Sovereign guarantee modified. FDI now allowed. LIC serves 29 crore+ policyholders.

Amended

2021

Ministry

Ministry of Finance

Key provisions and changes

• LIC IPO enabled (2021)
• Government retains majority
• Modified sovereign guarantee
• FDI allowed post-listing
• LIC Board reformed