Life Insurance Corporation  is an Indian  state-owned  insurance group and  investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of  1560482 crore  (US$240 billion).As of 2013 it had total life fund of Rs.1433103.14 crore with total value of policies sold of 367.82 lakh that year.The company was founded in 1956 when the  Parliament of India passed the Life Insurance of India Act that nationalized 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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