On September 1, 1956, the Life Insurance of India Act, which nationalized the insurance sector in India, was approved by the Indian Parliament, creating the Life Insurance Corporation of India. A total of 245 provident societies and insurance businesses amalgamated.
Bipin Das Gupta founded the Oriental Life Insurance Company in Kolkata in 1818, making it the first business in India to provide life insurance. India was the main market it was aiming for.
Mumbai serves as the home base for the global Indian Central Public sector life insurance firm Life Insurance Corporation of India (LIC). As of March 2024, the business has accumulated ₹52.52 trillion (US$630 billion) in total assets under management, making it the largest insurance company and institutional investor in India. It is owned by the Indian government, and the Ministry of Finance is in charge of its administration.