Life Insurance Corporation of India

Summary

Life Insurance Corporation of India was established on September 01, 1956 under the Life Insurance Corporation Act, 1956. The Corporation obtained Certificate of Registration, to undertake the business of life insurance by a Certificate dated September 20, 1956 issued by the Controller of Insurance in accordance with the provisions of the Insurance Act. The Corporation obtained the Certificate of Registration from the IRDAI to undertake life insurance business on January 1, 2001 which was renewed on an annual basis under Section 3A of the Insurance Act. Further, pursuant to amendment to Section 3A of the Insurance Act with effect from December 2014, the process of annual renewal of Certificate of Registration was discontinued. The Corporation is governed by provisions of the governing Act; it is also registered with the Insurance Regulatory and Development Authority of India (IRDAI) and is subject to such provisions of Insurance Regulatory and Development Authority (IRDA) Act, 1999 as amended, and regulations that are not inconsistent with the Act. The Corporation is engaged in the business of Life Insurance in and outside India. The Corporations life insurance business comprises of individual life and group business, including participating, non-participating, pension, group gratuity, group leave encashment, group superannuation, group immediate annuity, unit-linked insurance products, variable insurance products, health and micro insurance. In 1956, nationalization of 245... Read More