Life Insurance Corporation of India (LIC) was incorporated on September 1, 1956. The Corporation has been providing life insurance in India for more than 65 years and is the largest life insurer in India, with a 64.1% market share in terms of premiums (or GWP), a 66.2% market share in terms of New Business Premium (or NBP), a 74.6% market share in terms of number of individual policies issued, an 81.1% market share in terms of number of group policies issued for Fiscal 2021.