LIC - Life Insurance Corporation Of India

The Government of India issued an Ordinance on 19 January 1956 nationalising the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The Life Insurance Corporation (LIC) absorbed 154 Indian 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all. In 1972 with the General Insurance Business (Nationalisation) Act was passed by the Indian Parliament and consequently General Insurance business was nationalized with effect from 1 January 1973. 107 insurers were amalgamated and grouped into four companies namely National Insurance Company Limited. the New India Assurance Company Limited. the Oriental Insurance Company Limited and the United India Insurance Company Limited. The General Insurance Corporation of India was incorporated as a company in 1971 and it commence business on 1 January 1973Life Insurance Corporation of India (LIC) was formed in Sep 1956 after the Parliament of India passed the Life Insur...