Public confidence in the Life Insurance Corporation of India (LIC) remains unwavering, even as recent foreign media reports sought to cast doubt on the institution’s investment practices.
The state-owned insurer, which recently reported a 120% profit, continues to symbolise financial security for millions across India.
For most Indians, LIC is not merely an insurer but a lifelong companion. From rural farmers and schoolteachers to urban professionals, its policies have funded countless dreams. These include children’s education, weddings, home ownership, and retirement plans.
One such story is that of Ramesh Patil from Satara, Maharashtra, who purchased an LIC policy 25 years ago.
When his daughter’s wedding took place this year, the payout from that policy became his biggest support. “Companies may change, but LIC remains constant,” he said.
Established in 1956, LIC has stood the test of time. It has navigated India’s post-Independence economic rebuilding, the liberalisation of the 1990s, and the challenges of the COVID-19 era.
It currently manages over 300 million active policies, a figure unmatched by any private competitor. Agents support this vast network and often serve as trusted family advisors.
Earlier this month, ‘The Washington Post’ published a report alleging LIC’s financial involvement with the Adani Group, implying undue support. However, the corporation swiftly responded, clarifying that its exposure to Adani-related investments is below 1% of its total portfolio, and has, in fact, yielded significant returns.
Experts and policymakers have since dismissed the controversy, viewing it as an attempt to question the credibility of a national institution at a politically charged time. As India engages in state elections, citizens appear to see through such external criticism.
Through economic reforms, market shifts, and changing political landscapes, LIC has remained India’s financial backbone. Its promise endures beyond profit margins and media narratives. For millions of people, it continues to embody a simple truth: headlines cannot shake the trust Indians have built in it over generations.
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