"The LIC has become an impartial and credible financial organisation. It has played a major role in strengthening the country's economy," Pradhan said.
"There is a lot of potential for LIC to spread its wings," Pradhan said.
The LIC was founded in 1956 when the Parliament passed the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation.
Today, it's the largest insurance company in India. (ANI)