About LIC of India

LIC of India is the one and only public sector life insurance company in India.

 

Some of the important milestones in the life insurance business in India are:

1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business.

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

Author of Blog

Tarun Kumar Bansal, Author of this blog is a Life Insurance advisor with LIC of India since 2001, Having a large clientele in Delhi & N.C.R. Also working as a web developer and maintaining various websites.

All articles provided on this blog are collected from the LIC’s official website or from Google. In case of any copyright issue please just leave a comment and the article will be removed, if the objection found suitable.