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Life Insurance Corporation (LIC) is the largest insurance company in India, having assets under management of over ₹39 lakh crore as of 2021. Along with having the most assets under management, LIC also boasts of the most policyholders under a single company. It has over 290 million policyholders as of 2019. This number is so large that its larger than most countries of the world.
GIC on the other hand is a reinsurance company. In fact, GIC stands for General Insurance Company of India (GIC). GIC is one of the largest listed PSU general insurance companies in India, having a total income of over ₹12 thousand crores of 2022.
The most fundamental difference between LIC and GIC lie in the spectrum of business they undertake. LIC deals with life insurance while GIC majorly deals with reinsurance.
Let us understand the top 5 key differences between LIC and GIC below:
Type of business
LIC majorly deals with life and term insurance. They also offer:
GIC majorly deals with reinsurance. Reinsurance basically means providing insurance to other insurance companies. GIC is the only Indian reinsurance company. GIC has clientele in the following industries:
Full form of LIC is Life Insurance Corporation of India. LIC was formed on 1st September 1956.
Full form of GIC is General Insurance Corporation of India. GIC was formed on 22nd November 1972.
LIC objectives include:
GIC objectives include:
LIC of India has AUM of over ₹39 lakh crore as of 2021
GIC has AUM of over US$15 billion as of 2020
96.5% of LIC is owned by The Government of India
85.78% of GIC is owned by The Government of India
Frequently asked questions
LIC stands for Life Insurance Corporation of India.
GIC stands for General Insurance Corporation of India.
The major difference between LIC and GIC is the fact that LIC is a life insurance company whereas GIC is a reinsurance company.
LIC was formed on 1st September, 1956.
GIC was formed on 22nd November, 1972.