Planning to invest in LIC IPO? Know history of India's public sector insurance behemoth

The much-awaited "LIC IPO" is ready for take-off with the state-owned insurance behemoth the Life Insurance Corporation of India filing its draft red herring prospectus (DRHP) on Sunday evening. The proposed LIC IPO will be India's biggest share sale of all time. The government is selling 31.6 crore shares of LIC, equivalent to five percent of the company's total equity of around 632 crore shares.

For starters, the corporation was established on September 1, 1956, under the Life Insurance Corporation Act.