LIC of India is one of the world's largest life insurance companies. It was established in 1956 when the Indian government nationalized the life insurance industry. LIC had a monopoly until the late 1990s when private insurers were allowed to enter. Despite increased competition, LIC maintains the largest market share in India. Key facts about LIC include that it provides insurance coverage to millions of Indians, has over $800 billion in assets under management, and settles nearly 150 lakh claims annually worth over $6 billion. LIC continues to focus on increasing insurance penetration across India.