LIC Subsidiaries:

Unlike provisions for private players in the insurance sector, the LIC Act provides for setting up subsidiaries through policy holders fund. It is due to the LIC act that LIC of India has a number of subsidiaries which help it in leveraging its potential to the maximum, providing an enhanced set of diversified services to its customers. These subsidiaries include LIC International, LIC Nepal, LIC Lanka, LIC Housing Finance and LIC Mutual Fund. LIC International: This is a joint venture offshore company promoted by LIC which commenced operations in July, 1989 with the objectives of offering US$ denominated policies to cater to the insurance needs of NRIs and providing insurance services to holders of LIC policies currently residing in the Gulf. LIC International operates in all GCC countries. LIC Lanka: A joint venture company formed in 2003 with the BartleetGroup of Companies, Sri Lanka. LIC Nepal: A joint venture company formed in 2001 with the Vishal Group of Industries, Nepal. LIC Housing finance limited: The Company is recognized by National Housing Bank and listed on the National Stock Exchange (NSE) & Bombay Stock Exchange Limited (BSE).LIC Housing Finance Ltd. is one of the largest Housing Finance

Company in India. Incorporated on 19th June 1989 under the Companies Act, 1956, the company was promoted by LIC of India and went public in the year 1994. Its main objective is to provide long term finance for construction or purchase of houses or apartments. It has a Dubai office.