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LIC of India was established on 1 September 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. LIC had 5 zonal offices, 33 divisional offices, and 212 branch offices, apart from its corporate office in the year 1956. Currently, LIC functions with 2048 fully computerized branch offices, 113 divisional offices, 8 zonal offices, 1381 satellite offices, a Corporate office, and 12,08,826 agents.
Till 2019, the Life Insurance Corporation of India had a total life fund of Rs28.3 trillion.