The Life Insurance Corporation of India was founded in 1956 when the Indian
Government nationalised the insurance industry in India.
(a) How will you categorise Life Insurance Corporation of India as a public
sector enterprise?
(b) State any five features of this form of organisation.
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LIC of India was created on 1st September 1956 when the government of India passed the Life Insurance of India Act, nationalising the private insurance industry in India. The company was established with the merger of over 245 insurance companies and provident societies.
An Ordinance issued on 19th January 1956 nationalised the Life Insurance sector and Life Insurance Corporation of India (LIC) came into existence in the same year. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies. ... It came to India as a legacy of British occupation.
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