LIC (Life Insurance Corporation of India) and GIC (General Insurance Corporation of India) are both government-owned insurance companies, but they operate in different segments of the insurance industry.
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LIC |
GIC |
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Provides life insurance products and services |
Provides a wide range of non-life insurance products, including property, casualty, liability, and engineering insurance |
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Offers life insurance policies, annuities, and pension plans |
Offers insurance coverage for various aspects of personal and commercial life, including fire, marine, motor, and health insurance |
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Primarily serves individual customers |
GIC also serves corporate clients and provides insurance for large commercial and industrial projects |
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Largest life insurance company in India |
Sole national reinsurer in India and operates as a holding company for various non-life insurance subsidiaries |
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Invests the premiums it receives from policyholders in various assets, including bonds, equities, and real estate |
Invests in a more diverse portfolio of assets, including stocks, bonds, commodities, and currencies |
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Regulated by IRDAI |
Regulated by IRDAI |
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Has a widespread network of branches and agents across India |
Has a more centralized and specialized approach to its operations, with a focus on underwriting and reinsurance |