Yes, LIC (Life Insurance Corporation of India) is a profit making company. LIC was founded in 1956 and has become one of the largest insurance companies in the world. It offers a range of different life insurance products, including term insurance, endowment, ULIPs (Unit Linked Insurance Plans), pension plans and group schemes. It also provides other financial services such as investment in mutual funds, health insurance and tax savings plans.
LIC has achieved a significant growth over the years and has thus earned a good amount of profits. According to financial reports, it declared a net profit of Rs. 11,582 crore in FY17-18. LIC has been rated AAA+ by Indian Rating & Research Agency (ICRA), indicating its long-term ability to meet the financial obligations.
As a result of these factors, LIC has become one of the most trusted names in India in life insurance industry and a preferred choice for millions of customers.