Top LIC Mutual Funds in India – Meaning, Full Form & NAV

LIC Mutual Fund, part of Life Insurance Corporation of India, manages a diverse portfolio of 41 schemes across equity, debt, hybrid, and sector-specific categories. As of April 2025, the total AUM is approximately ₹37,554 cr, reflecting steady growth in both the investor base and product offerings over the years. LIC Mutual Fund’s leadership plays a pivotal role in steering these schemes through evolving market dynamics, ensuring compliance with SEBI regulations and investment objectives.

List of Top LIC Mutual Funds for 2025

Here are the top LIC MFs in India for 2025, sorted as per their AUM.

Name	AUM	NAV	Absolute Returns - 3M	Absolute Returns - 1Y	CAGR 3Y	CAGR 5Y	Expense Ratio	Exit Load	Volatility
LIC MF Liquid Fund	11814.5	4900.1	1.5	6.7	7.1	5.8	0.2	0.0	0.1
LIC MF Money Market Fund	3436.2	1236.8	1.6	7.2	6.8	0.0	0.2	0.0	0.4
LIC MF Large & Midcap Fund	3151.5	44.8	1.2	1.0	17.7	19.6	0.6	1.0	15.1
LIC MF Banking & PSU Fund	1884.1	38.6	1.9	8.6	7.9	6.0	0.3	0.0	1.2
LIC MF Multi Cap Fund	1715.8	18.2	2.6	3.8	21.8	0.0	0.5	1.0	15.4
LIC MF Low Duration Fund	1687.3	44.1	1.7	7.8	7.6	6.2	0.3	0.0	0.4
LIC MF Large Cap Fund	1498.5	65.1	2.0	5.9	12.6	14.7	1.0	1.0	12.6
LIC MF ELSS Tax Saver	1113.6	175.0	0.3	1.6	16.2	17.3	1.0	0.0	12.8
LIC MF Flexi Cap Fund	1075.1	113.7	4.2	4.6	16.3	15.7	1.3	1.0	16.1
LIC MF Infra Fund	1025.3	56.2	1.0	-1.1	27.9	29.5	0.8	1.0	20.7
LIC MF Overnight Fund	856.8	1371.7	1.4	6.0	6.4	5.4	0.1	0.0	0.0
LIC MF Manufacturing Fund	838.7	10.2	2.1	3.7	0.0	0.0	0.6	1.0	17.5
LIC MF Balanced Advantage Fund	804.0	14.7	1.1	5.2	11.0	0.0	0.8	1.0	9.5
LIC MF Multi Asset Allocation Fund	802.3	12.1	6.7	0.0	0.0	0.0	0.6	1.0	10.0
LIC MF Dividend Yield Fund	698.0	33.8	2.2	4.2	22.0	21.5	0.7	1.0	15.7

Disclaimer: Please note that the above list of the LIC mutual funds is for educational purposes only, and is not recommendatory. Please do your own research or consult your financial advisor before investing. The data is derived from Tickertape Mutual Fund Screener and is subject to real-time updates.

Note: The data on the list of the best LIC funds is from 26th November 2025. This data is derived from the Tickertape Mutual Funds Screener.

• AMC: LIC Asset Management Limited
• Plan: Growth
• AUM: Sorted from highest to lowest

Pro Tip: You can use Tickertape’s Mutual Fund Screener to research and evaluate funds with over 50+ pre-loaded filters and parameters.

Overview of Top LIC Mutual Funds

LIC MF Liquid Fund

LIC MF Liquid Fund invests mainly in short-term debt and money market instruments such as treasury bills, commercial papers, and certificates of deposit. It aims to provide liquidity, keep risk low, and deliver stable LIC mutual fund returns, so investors with short-term horizons and low risk appetite often choose it.

LIC MF Money Market Fund

LIC MF Money Market Fund invests primarily in short-term, high-quality debt and money market instruments. It aims to give investors steady income while maintaining liquidity and low risk, so conservative investors use it for short-term, low-risk investments with moderate returns.

LIC MF Large & Midcap Fund

LIC MF Large & Midcap Fund builds a diversified portfolio by investing in both large-cap and mid-cap stocks. It aims to balance stability and growth by providing exposure to established companies and higher-growth mid-cap opportunities, targeting long-term capital appreciation with a mix of lower- and higher-risk assets.

LIC MF Banking & PSU Fund

LIC MF Banking & PSU Fund invests in stocks of banks, public sector undertakings, and financial institutions. It focuses on sectors with relatively stable growth and government backing to offer stability and moderate capital appreciation, so investors use it to gain exposure to India’s banking and financial services sector.

LIC MF Multi Cap Fund

LIC MF Multi Cap Fund spreads its investments across large, mid, and small-cap stocks to ensure broad market exposure. It aims for long-term capital growth by dynamically allocating assets to attractive market opportunities and offers diversified risk for investors seeking growth across different market capitalisations.

LIC MF Low Duration Fund

LIC MF Low Duration Fund invests in short-term debt and money market instruments with relatively low duration. It aims to deliver stable LIC mutual fund returns with low risk, so conservative investors use it for fixed income with a short-term horizon and minimal market volatility.

LIC MF Large Cap Fund

LIC MF Large Cap Fund invests mainly in large-cap, well-established companies that offer stability and consistent growth. It aims to provide long-term capital appreciation with lower risk than mid- or small-cap stocks by focusing on high-quality businesses with strong financial performance and market leadership.

LIC MF ELSS Tax Saver

LIC MF ELSS Tax Saver invests predominantly in equities to offer long-term capital growth and tax benefits under Section 80C of the Income Tax Act. It focuses on growth opportunities across sectors while helping investors save tax, so tax-conscious investors use it to build wealth through equity investments.

LIC MF Flexi Cap Fund

LIC MF Flexi Cap Fund operates as a dynamic multi-cap fund and invests in large, mid, and small-cap stocks with flexible asset allocation. It aims for long-term capital appreciation by adjusting exposure to market conditions and opportunities, offering diversification and growth potential across market segments.

LIC MF Infra Fund

LIC MF Infra Fund invests mainly in infrastructure-related companies in sectors such as energy, utilities, and transportation. It aims for long-term capital appreciation by capturing growth in the infrastructure sector, which benefits from government policies, urbanisation, and economic development, so investors use it for targeted exposure to infrastructure growth.

Key Information About LIC Asset Management

Parameter	Details
Full Legal Name	LIC Mutual Fund Asset Management Ltd.
Parent / Sponsor	Life Insurance Corporation of India (LIC)
Date of Establishment	Trust formed on 20 April 1989; AMC incorporated on 20 April 1994
Trustee Company	LIC Mutual Fund Trustee Private Ltd.
Type of Schemes Offered	Equity, Debt, Hybrid, Liquid / Money‑market, Index/ETF, Tax‑saving (ELSS), Thematic / Sectoral, etc.
Number of Schemes (Approx.)	~34 – 41 schemes (depending on classification)
Assets Under Management (AUM)	Around ₹38,000–₹39,000 cr (per recent public data)
Recent Ratings / Regulatory Reports	Recognised agencies have rated LIC AMC’s debt and money-market schemes; ratings reflect credit quality and compliance strengths.

How to invest in LIC Mutual Funds

You can easily start to invest in LIC mutual funds by following these steps:

1. To invest in the best LIC mutual funds, you can visit a mutual fund investment platform such as smallcase.
2. The next step is to research and identify the LIC mutual funds that match your financial goals. Tools like the Tickertape Mutual Fund Screener can help you filter and compare funds based on parameters such as returns, expense ratio, and fund size.
3. Once you shortlist the funds, visit smallcase, log in, and search for the fund by name. You can then choose the investment mode and complete the process.

Top Fund Managers of LIC

Jaiprakash Toshniwal

Jaiprakash Toshniwal manages equity LIC investment portfolio. He oversees scheme allocations, selects stocks, and rebalances portfolios. Since 2023, he has served as a scheme manager. He aligns investments to market conditions and scheme mandates while following regulatory and risk-management frameworks.

Karan Doshi

Karan Doshi works as an equity fund manager at LIC MF. He analyses sector and company fundamentals, monitors LIC investment portfolio performance, and contributes to the fund’s equity investment strategy. He provides sector-specific expertise and supports investment decisions within the AMC’s framework.

Mahesh Bendre

Mahesh Bendre manages select LIC MF schemes. He structures portfolios, selects securities, and monitors ongoing performance. He navigates market cycles, balances risk and return, and ensures compliance with scheme objectives under LIC MF’s investment process.

Sumit Bhatnagar

Sumit Bhatnagar is part of LIC MF’s fund-management team. He implements equity strategy, monitors portfolios, and oversees schemes. He evaluates investment opportunities, makes allocation decisions, and aligns them with fund mandates under market and regulatory conditions.

Dikshit Mittal

Dikshit Mittal manages selected LIC MF schemes. He integrates equity research, maintains portfolios, and enforces investment discipline during changing market conditions. He balances risk and return within scheme mandates and ensures compliance with fund governance norms.

Yogesh Patil

Yogesh Patil serves as a senior equity fund manager at LIC MF. He has extensive equity market experience. He oversees multiple portfolios, performs stock selection and sector analysis, and guides fund allocations aligned with scheme objectives and market dynamics.

Pratik Harish Shroff

Pratik Harish Shroff manages debt, fixed-income, and hybrid securities at LIC MF. He analyzes the debt market, selects securities, manages duration, and structures portfolios. He considers interest-rate and credit-risk factors while following scheme mandates and risk guidelines.

Sachin Relekar

Sachin Relekar contributes to LIC MF’s fund-management team. He monitors investment portfolios, ensures compliance, and supports equity or hybrid fund strategies within the AMC’s governance framework and market surveillance.

Marzban Irani

Marzban Irani leads or significantly supports debt-oriented schemes at LIC MF. He has extensive experience in debt markets. He selects fixed-income securities, evaluates risk, and structures portfolios to match debt allocations with scheme mandates and interest-rate environments.

Taxation on LIC Mutual Funds

Fund Category	Type of Gain	Holding Period	Applicable Tax Rate / Rule*
Equity‑oriented funds (large‑cap, mid‑cap, flexi‑cap, multi‑cap, ELSS, etc.)	Short‑Term Capital Gain (STCG)	≤ 12 months	20%
	Long‑Term Capital Gain (LTCG)	> 12 months	12.5% on gains above ₹1.25 lakh/yr
Debt‑oriented / Debt-heavy funds (liquid, low‑duration, money‑market, pure debt funds)	Capital gain or redemption proceeds**	Varies (see note)	For units bought on or after 1 Apr 2023: taxed at investor’s income‑tax slab.For units bought before 1 Apr 2023: if held > 24 months → LTCG at 12.5%; otherwise STCG at slab rate.
Hybrid / Other Schemes (Hybrid, FoFs, etc.)	Depends on the scheme’s asset allocation (equity‑ or debt‑oriented)	As per the classification above	Tax treatment follows whichever category the scheme qualifies under (equity or debt).
Dividends / Income from Funds (applicable to all types)	Dividend income/interest	—	Taxed as per the investor’s income‑tax slab (post‑DDT abolition).

* For gains under LTCG on equity funds, only the amount exceeding ₹1.25 lakh per financial year is taxable.

** Debt funds purchased on or after 1 April 2023 no longer enjoy long‑term capital gains classification; all gains are treated as short‑term and taxed at the slab rate.

Documents Required To Invest in LIC Mutual Funds

To invest in LIC Mutual Funds, investors must complete the Know Your Customer (KYC) process. This involves submitting specific documents to verify identity and address. Below is a list of the key documents required to complete the KYC process for LIC Mutual Funds:

• PAN card (self-attested) as Proof of Identity.
• Voter ID, Passport, or Driving License (self-attested) as Proof of Address.
• ‘KYC Details Change Form’ for updating personal information, with required documents.
• ‘Change in Bank Mandate Form’ for updating bank details, along with required documents.

Risks of Investing in LIC Mutual Funds

• Market Risk in Equity Schemes: LIC’s equity-focused schemes, like large-cap or multi-cap funds, face market volatility. Stock prices fluctuate due to market sentiment, economic conditions, and sector performance. These changes affect LIC mutual fund returns.
• Interest Rate Sensitivity in Debt Funds: LIC Mutual Fund’s debt and liquid schemes, like LIC MF Liquid Fund respond to interest rate changes. When interest rates rise, the value of fixed-income securities goes down, which lowers LIC mutual fund returns.
• Concentration Risk in Thematic Funds: LIC MF Infrastructure Fund and similar sectoral funds focus on specific industries such as infrastructure or financial services. If these sectors perform poorly or face regulatory changes, returns suffer.
• Credit Risk in Debt Funds: LIC MF Debt Funds that invest in corporate bonds risk credit downgrades or defaults. Funds that invest in lower-rated securities carry greater risk and can face more market disruptions.

Factors to Consider While Investing in LIC Mutual Funds

• Fund’s Risk Profile: Each LIC Mutual Fund scheme has a different risk-return profile based on its category, i.e, equity, debt, hybrid, or sectoral. It’s important to understand the volatility and potential returns of each scheme before investing.
• Investment Horizon: LIC’s equity funds may be better suited for long-term investors seeking capital appreciation, while debt and hybrid funds may be better suited for investors with shorter time horizons or seeking regular income.
• Sector and Asset Allocation: LIC offers both diversified and sector-specific funds. Consider the asset allocation strategy, as funds with concentrated sectoral exposure may experience more volatility in certain market conditions. Diversified funds may offer a more balanced risk-return profile.
• Tax Implications: Different LIC funds have varying tax treatments. Equity funds are subject to long-term capital gains tax (LTCG) on gains above ₹1 lakh, while debt funds may be taxed differently depending on holding periods. Investors should be aware of the tax implications based on their investment choices.

To Wrap Up…

LIC Mutual Funds offer a variety of investment options including equity, debt, hybrid, and sectoral funds designed to meet different financial goals and risk levels. Investors need to understand risks like market changes, interest rate shifts, and sector-specific volatility before investing. They should also consider their investment horizon, risk tolerance of the fund, and tax impacts to ensure alignment with long-term goals. For easier research and investment in LIC Mutual Funds schemes, smallcase provides a user-friendly platform to explore, compare, and invest in curated portfolios for better decision-making and simplicity.

Frequently Asked Questions About LIC Mutual Funds