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The Life Insurance Corporation of India (LIC) was established in 1956 after the nationalization of the life insurance business. LIC was given a capital contribution of Rs. 5 crores by the Central Government. Its key functions are to carry on and develop life insurance business for the benefit of the community. LIC has the power to invest funds, acquire and dispose of property to further its business objectives, and conduct any business that can profitably support its core insurance activities. In carrying out these functions, LIC is expected to operate according to sound business principles.

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24 views3 pages

Document

The Life Insurance Corporation of India (LIC) was established in 1956 after the nationalization of the life insurance business. LIC was given a capital contribution of Rs. 5 crores by the Central Government. Its key functions are to carry on and develop life insurance business for the benefit of the community. LIC has the power to invest funds, acquire and dispose of property to further its business objectives, and conduct any business that can profitably support its core insurance activities. In carrying out these functions, LIC is expected to operate according to sound business principles.

Uploaded by

Aron
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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FUNCTIONS OF LIFE INSURANCE CORPORATION OF INDIA

FUNCTIONS OF LIFE INSURANCE CORPORATION OF INDIA

The life insurance

business was

nationalized

on 19th

January,

1956

and the Lae

Insurance

Corporation of India came into being on 1st September, 1956 to carry on life business in India
The life insurance

business was

nationalized

on 19th
January,

1956

and the Lae

Insurance

Corporation of India came into being on 1st September, 1956 to carry on life business in
IndiaLIC

with capital of Rs.5 crores contributed by the Central Government. The Corporation is a body
corporate having perpetual succession with a common seal with powers to acquire, hold and
dispose of property and may by its name sue and be sued.

The functions of the Corporation shall be to carry on and develop life insurance business to the
best advantage of the community.

The Corporation shall have power-

(a) To carry on capital redemption business, annuity certain business or reinsurance business in
so far as such reinsurance business relating to life insurance business

(b) to invest the funds of the Corporation in such manner as the Corporation may think fit and to
take all such steps as may be necessary or expedient for the protection or realization of any
investment, including the taking over of and administering any property offered as security for
the investment until a suitable opportunity arises for its disposal

(c) To acquire, hold and dispose of any property for the purpose of its business;
(d) To transfer the whole or any part of the life insurance business carried on outside India to any
other person or persons, if in the interest of the Corporation it is expedient so to do;

(e) To advance or lend money upon the security of any movable or immovable property or
otherwise;

(f) To borrow or raise any money in such manner and upon sach security as the Corporation may
think fit:

(g) To carry on either by itself or through any subsidiary any other business in any case where
such other business was being carried on by a subsidiary of an insurer whose controlled business
has been transferred to and vested in the Corporation by this act;

(h) To carry on any other business which may seem to the Corporation to be capable of being

Conveniently carried on in connection with its business and calculated directly or indirectly to
render profitable the business of the Corporation and

LIC

(1) To do all such things as may be incidental or conducive to the proper exercise of any of the
powers of the Corporation.

(j) In the discharge of any of its functions the Corporation shall act so far as may be on business
principles.

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