LIC of India is a Corporation established by LICI Act 1956 and fully owned by the Govt of India. After nationalization Govt. Of India had paid 5 crores to LICI as share capital and till date, no other shareholders are there and so Govt. of India is its only shareholders and hence LICI is a Corporation under it
LIC of India was formed by an Act in the Parliament under LIC Act, It is a statutory institution owned by Govt like RBI, It is not a company registered under companies act.
