The Life Insurance Corporation of India was set up with an effect from 1st. September 1956. The Life Insurance Corporation (LIC) is a body corporate which has a perpetual succession with a common seal and power. It also has a right to acquire, hold, dispose of property, and sue and to be sued. The nationalized businesses of the insurers were taken over by the life insurance corporation along with the assets and liabilities.
Life Insurance Corporation is engaged not merely into commercial activities. Their objectives involve the welfare and benefit of the society at large.
The original capital of the Life Insurance Corporation of India was Rupees Five Crores provide by the Government of India based on its terms and conditions. The Corporation was advised and directed by the Central Government on matters involving public interests. LIC of India is thus considered as a statutory corporation dealing in insurance which is owned by the Government of India itself.
The Life Insurance Corporation has its Central Office at Mumbai and Zonal Offices at Mumbai, Calcutta, Delhi, Kanpur and Chennai.
