LIC’s turnover for the financial year ended March 31, 2018 was Rs.1,223.92 crore. The Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai. The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance Corporation Act, merging more than 200 insurance companies and provident societies then operating in India.