The Life Insurance Corporation Act of 1956 established the Life Insurance Corporation of India as a statutory body to carry on life insurance business in India. Some key points: - The Act was passed by Parliament in 1956 and came into effect on July 1, 1956. It established LIC as a body corporate with perpetual succession. - LIC has exclusive privilege to carry on life insurance business in India. It must establish zonal offices in major cities and can form committees to oversee investments and operations. - LIC is governed by a board of directors appointed by the central government. It must have its accounts audited annually and submit reports to Parliament. Any surplus funds are allocated to policyholders. - The