The Life Insurance Corporation (LIC) of India was founded in 1956. It is the largest life insurance company in India owned solely by the Government of India. Headquartered in Mumbai, LIC presently has 7 Zonal Offices and 100 Divisional Offices situated all around the country. In addition to an even distribution of 2048 branches located in different towns and cities of India, LIC also has a network of around one million agents who solicit life insurance policies to the public. The Company continues to be at the first position amongst the life insurers on the basis of gross premium written for the financial year 2006-07 at Rs. 1,27,822.84 crore reporting a growth of 40.79%. LIC grabs a maximum market share of 82% in the life insurance segment in India.