Life Insurance Corporation of India

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Life Insurance is nothing but a contract between the insurer and the insured. Here, the insured pays the premiums to the insurer on time and in return the insurer offers him life coverage or a sum assured to the nominee of the policy in case of death of the insured.There are numerous companies offering life insurance in India. LIC being the oldest amongst others.click to know more https://www.coverfox.com/life-insurance/life-insurance-companies/lic-of-india/

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Life Insurance Corporation of India :

Life Insurance Corporation of India 

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The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation.

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The Parliament of India passed the Life Insurance of India Act on 19 June 1956 creating the Life Insurance Corporation of India, which started operating in September of that year. It consolidated the business of 245 private life insurers and other entities offering life insurance services; this consisted of 154 life insurance companies, 16 foreign companies and 75 provident companies. The nationalisation of the life insurance business in India was a result of the Industrial Policy Resolution of 1956, which had created a policy framework for extending state control over at least 17 sectors of the economy, including life insurance.

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Today LIC of India functions with 2048 fully computerized branch offices, 8 zonal offices, around 113 divisional offices, 2,048 branches and 1408 satellite offices and the Central Office;[11] it also has 54 customer zones and 25 metro-area service hubs located in different cities and towns of India. It also has a network of 1,537,064 individual agents, 342 Corporate Agents, 109 Referral Agents, 114 Brokers and 42 Banks for soliciting life insurance business from the public. Now LIC also has the 1899 branches of IDBI bank at its disposal thus it can carry out its insurance business through these branches of the bank.

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