<P> Life Insurance Corporation of India (LIC) 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 ₹ 2,529,390 crore (US $350 billion) (2016). As of 2013 it had total life fund of ₹ 1,433,103.14 crore and total number of policies sold coming in at ₹ 367.82 lakh that year (2012 - 13). </P> <P> The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India . Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation . </P> <P> The Oriental Life Insurance Company, the first company in India offering life insurance coverage, was established in Kolkata in 1818 by "Anita Bhavsar" and others . Its primary target market was the Europeans based in India, and it charged Indians heftier premiums . Surendranath Tagore had founded Hindusthan Insurance Society, which later became Life Insurance Corporation . </P> <P> The Bombay Mutual Life Assurance Society, formed in 1870, was the first native insurance provider . Other insurance companies established in the pre-independence era included </P>

When was oriental life insurance company established in india