The Life Insurance Corporation of India (LIC) was established on September 1, 1956. It was created by an Act of Parliament, known as the Life Insurance Corporation Act of 1956, to nationalize and merge around 245 private life insurance companies and provident societies under a single entity. The primary objective was to spread life insurance widely and in particular to the rural areas and provide financial protection and security to the people of India. Since its establishment, LIC has played a significant role in the development of the life insurance industry in the country and has become a trusted name in the insurance sector.

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