Life Insurance Corp. (LIC) has taken a hit of Rs 1,400 crore due to the loss of input tax credit after certain life and health plans were exempted from the goods and services tax (GST). However, the country’s largest insurer managed to largely offset the impact through an increase in the share of margin-accretive non-participating policies and by rationalizing the expenditure, managing director and chief executive officer R. Doraiswamy said during the company’s earnings call after the October-December quarter results.