Life Insurance Corporation of India (abbreviated as LIC) is an Indian state-owned insurance group and investment corporation owned by the Government of India. LIC of India offers several advantages not available from any other financial instrument. It provides the dual benefits of savings and security. Life insurance can be an important asset to have, no matter where you are in life. LIC of India offers several advantages not available from any other financial instrument. It provides the dual benefits of savings and security. Life insurance can be an important asset to have, no matter where you are in life. Death benefits are generally income-tax-free to the beneficiary.