Located on the arterial Anna Salai (formerly Mount Road), the building is 54 m (177 ft) tall.

Before the construction of the LIC building, the Madras Publishing House, a printing and publishing organization, occupied the place[9] and establishments such as Murray & Company auctioneers and Pioneer Laundry service (started in 1918) stood on the same plot.

[9][10] In 1943, the Raja of Bobbili took over the plot, and in 1951 he sold it as real estate to the United India Insurance Company.

[9] M. Ct. M. Chidambaram Chettyar, the founder of Indian Overseas Bank and the United India Insurance, decided to construct an 18-storey building for his group's headquarters, and conceived the building in 1952 as the head office of United India Life Assurance and New Guardian Life Insurance.

[9] Built on a 55-ground plot, the building was of enclosed construction with glass facings at front and rear.

The building stands on 521 pneumatic caisson piles that run to a depth of 35 ft below the ground.

[4] The building could provide modern office accommodation for over 1,500 persons, and was built with five automatic lifts.

The plenum as well as supply air ducts connected with vertical shafts are provided with inspection doors made of timber which open out directly to the staircase landings on each floor.

The incident necessitated deployment of the entire fire fighting resources of the city, including units from the Chennai Port Trust, refineries, and so on.

During the initial stages, the fire-fighting operations were seriously hampered due to falling splinters of glass, burning fragments and molten metal from window frames made of aluminum.

Although there was no reported loss of life, some members of the fire service unit sustained injuries.

[19] In June 2012, a crack developed on the eleventh floor of the building, which has been attributed to Metro Rail work.

It is said that the building experienced a tremor on 25 June 2012, which the occupants suspect is due to the usage of vibratory hammer used by CMRL for tunneling.

[17][21] Along with the Chennai Central Railway Station and the Anna Flyover, LIC Building is one of the most prominent landmarks in the city that is often featured in movies and other pop culture in the region.