Function of Life Insurance Corporation Act 1956
The Life Insurance Corporation Act of 1956 was passed by the Indian Parliament to nationalize the life insurance industry in India. The Act established the Life Insurance Corporation of India (LIC) as the sole governing body for the life insurance sector in the country. Below are the key functions of the Life Insurance Corporation Act 1956:

1. Nationalization of the life insurance industry
- The Act aimed to bring all life insurance companies under the control of the government-owned LIC.
- It abolished all existing private life insurance companies and transferred their assets and liabilities to LIC.

2. Regulation of life insurance business
- The Act provided a framework for the regulation of the life insurance business in India.
- LIC was granted the exclusive right to carry on life insurance business in the country.

3. Protection of policyholders
- The Act sought to protect the interests of policyholders by ensuring the financial stability and reliability of LIC.
- It mandated LIC to operate in a manner that safeguards the interests of policyholders.

4. Promotion of life insurance awareness
- The Act aimed to promote awareness about the benefits of life insurance among the general public.
- LIC was tasked with educating people about the importance of life insurance and encouraging them to purchase policies.

5. Development of the life insurance sector
- The Act was instrumental in the development of the life insurance sector in India.
- It led to the expansion of LIC's operations, increased penetration of life insurance, and the introduction of new products and services.
In conclusion, the Life Insurance Corporation Act 1956 played a crucial role in the nationalization, regulation, and development of the life insurance industry in India, ultimately benefiting policyholders and promoting financial security in the country.