India@75 (1956: Nationalisation of Life Insurance Corporation)

Life Insurance Corporation was established on September 1, 1956, with the passing of the Life Insurance of India Act in Parliament. Its primary aim was to ensure that every insurable person in India received adequate financial cover at a reasonable cost irrespective of whether they are in rural or urban areas; to this end, the insurance industry in India was nationalised. Two forty-five insurance companies and provident societies were merged to form the LIC.

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