Which are the Subsidiaries of LIC of India?

When it comes to Life Insurance Industry in India, the Life Insurance Corporation of India (LIC) is the most popular household name. The institution has cemented its name in the Indian Insurance sector from its very inception in the year 1956. However, you may not be aware that the Life Insurance Corporation of India (LIC) has many subsidiaries that operate in various areas of the insurance sector across the world.

In this article, we will talk about the following subsidiaries of Life Insurance Corporation of India (LIC), the company’s objective, and shareholding patterns.

• LIC Housing Finance Limited
• LIC Pension Fund Limited
• LIC International Limited
• LIC Cards Services Limited
• IDBI Bank Limited
• LIC Mutual Fund Limited
• LIC Lanka Limited
• LIC Singapore Limited

What are the subsidiaries of LIC?

Below given are some notable subsidiaries of the Life Insurance Corporation of India (LIC):

1.) LIC Housing Finance Limited

LIC Housing Finance Limited was incorporated on the 19th of June, 1989, and it is amongst the most trusted housing finance institution in India. The company’s main goal is to provide long-term funding to individuals for the construction, purchase, and renovation of houses, flats, and other residential properties.

Along with providing home loans, LIC Housing Finance Limited also provides business loans to professionals for purchasing or constructing nursing homes, clinics, office spaces, diagnostic centers, and buying equipment.
LIC Housing Finance Limited has served more than 25 Lakh families in India and has disbursed loans of more than Rs 3.35 lakh crore since inception. As of 2019, the company has 450+ centers, 9 regional offices, 20+ back offices, and 10,000+ intermediaries across the country.

As of March 2023, below given is the shareholding pattern of LIC Housing Finance Limited:

2.) LIC Pension Fund Limited

LIC Pension Fund Limited was the first company to receive a business license to begin its operations in India under the Pension Fund Regulatory and Development Authority (PFRDA), the regulatory body for the governance and regulation of pensions in India.
LIC Pension Fund has been appointed as one of the Pension Fund Managers (PFMs) to manage funds under the National Pension Scheme (NPS) by the Pension Fund Regulatory and Development Authority (PFRDA.)

The company offers various types of pension-related schemes for government employees. LIC Pension Fund manages the funds of its depositors and invests them into a diversified portfolio of investments like bonds, equities, fixed-income instruments, etc. The main objective of the company is to provide efficient pension services and long-term financial security to retired individuals.

Shareholding Pattern of LIC Pension Fund Limited:

3.) LIC International Limited

LIC International Limited is a subsidiary of the Life Insurance Corporation (LIC) of India, which is owned by the Government of India. The company was established on the 20th of July, 1989 in Bahrain with the main objective of providing life insurance coverage to Indians residing in the Gulf countries. LIC International operates and provides its services in four Gulf countries namely Bahrain, Kuwait, Oman, and UAE. Along with offering life insurance plans, the company also provides multiple wealth management plans, pension plans, health plans, and so on to its customers.

As of today, the company has reported an asset base of more than US $ 2 Billion and a Life Fund of over US $1.8 Billion. LIC International is one of the largest insurance companies in GCC with a market share of 45% in premium income.

 Shareholding Pattern of LIC International Limited:

4.) LIC Cards Services Limited

LIC Cards Services Limited is a fully-owned subsidiary of the Life Insurance Corporation of India (LIC).