The Life insurance Corporation of India was established on September 1, 1956, when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation of India.
As of 2019, Life Insurance Corporation of India had total life fund of 28.3 trillion. The total value of sold policies in the year 201819 is 21.4 million. Life Insurance Corporation of India settled 26 million claims in 201819. It has 290 million policy holders.