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

“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 Rs 80,000 crore - Rs 85,000 crore could be allocated in shares of listed companies in India in the fiscal year 2024," the person added.