As per two people directly familiar with the state-run insurer's plans, Life Insurance Corp. of India (LIC), the country's largest investor, plans to invest a record 2.4 trillion across markets, including shares of locally traded companies, in the fiscal year beginning 1 April.

“Apart from supporting markets, this will not only be the largest ever investment by LIC but also may help it in maximizing returns for policyholders and profits for shareholders but also may work as a vital support system for Indian markets in FY2024," one of the two people said, requesting anonymity.

“Around 35% of the total investment or ₹80,000 crore - ₹85,000 crore could be allocated in shares of listed companies in India in the fiscal year 2024," the person added.

The Life Insurance Corporation of India (LIC) is a public sector life insurance company based in Mumbai, India. It is India's largest insurance company as well as the country's largest institutional investor, with $41 trillion (US$510 billion) in assets under management as of May 2022. [3] It is owned by the Government of India and is administered by the Ministry of Finance.

The Life Insurance Corporation of India was established on September 1, 1956, when the Indian Parliament passed the Life Insurance of India Act, which nationalised the Indian insurance industry. More than 245 insurance companies and provident societies were merged.