We are providing roles & functions of LIC which may be asked in the upcoming LIC AAO exam.
The Life Insurance Corporation of India came into being on 1st September, 1956 and nationalized on 19th January, 1956 to carry on life business in India 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 –
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