New Delhi, Jan. 8 -- Unlike private asset management companies' offices, which often have a sleek, minimalist aesthetic, LIC Mutual Fund's workspace looks exactly like you'd expect of a government-owned entity-drab furniture and yellow walls. Yet, inside the CEO's office hangs a frame that proclaims a simple but ambitious goal - Rs.1 trillion in assets.

After decades of allowing its mutual fund venture to take a back seat, LIC, it appears, is finally giving it the attention it deserves.

Though LIC holds a massive Rs.54 trillion in core insurance assets, its mutual fund business remains a modest player with just Rs.44,383 crore in assets under management (AUM) after 36 years of operations. The contrast with its peers that entered the mut...