Life Insurance Corporation Act 1956 with Rules – Bare Act By Taxmann’s Editorial Board

Life Insurance Corporation Act 1956 with Rules [Bare Act] by Taxmann is an authoritative statutory publication that presents the complete and updated legal framework governing the Life Insurance Corporation of India (LIC). Enacted to nationalise the life insurance business in India and establish LIC as a statutory corporation, the Act lays down the foundation for LIC’s incorporation, governance, capital structure, business operations, regulatory control, and accountability. This Edition reproduces the verbatim text of the Act along with all Rules, Regulations, Schedules, and allied statutory material, fully updated to date. The publication is designed as a precise Bare Act reference, preserving legislative authenticity while ensuring completeness and contemporaneity.

This publication is indispensable for a wide range of professionals and institutions, including:

• Advocates & Legal Practitioners dealing with insurance law, public sector undertakings, corporate governance, and regulatory litigation
• Judges & Judicial Officers requiring an authoritative statutory text for adjudication and statutory interpretation
• Insurance Professionals & LIC Officials involved in compliance, governance, policy administration, finance, audit, and regulatory matters
• Chartered Accountants, Company Secretaries & Cost Accountants handling audit, corporate restructuring, capital issues, and regulatory filings relating to LIC
• Regulators & Government Officials associated with insurance regulation, public finance, and policy oversight
• Academics & Students of insurance law, corporate law, and public administration seeking a reliable Bare Act reference

The Present Publication is the 2026 Edition, covering the amended and updated text of the Life Insurance Corporation Act [Act No. 31 of 1956] and Rules, with the following noteworthy features:

• [Bare Act Text] Presents the unaltered and authoritative statutory text of the Life Insurance Corporation Act 1956, reproduced verbatim with clear and readable formatting
• [Updated Law] Incorporates all amendments made up to date, including those introduced by the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act 2025
• [Pre-amendment Provisions] Incorporates the text of provisions as they existed prior to the amendment in the respective amendment footnotes, enabling the reader to understand the legal position before the amendment and its applicability during the pre-amendment period
• [Allied Rules & Regulations] Consolidates the Life Insurance Corporation (General) Rules 1956, LIC (Agents) Regulations 2017, LIC (Shareholders’ Director) Regulations 2023, and other connected statutory instruments
• [Amendments at a Glance] Includes a dedicated section summarising recent amendments to the LIC Act for quick statutory reference
• [Comprehensive Coverage] Covers the complete legal framework relating to incorporation, governance, capital structure, management, finance, audit, surplus distribution, and regulatory oversight of LIC
• [Schedules & Forms] Reproduces all statutory Schedules and prescribed Forms appended to the Act and Rules in their official form
• [Subject Index] Equipped with a detailed subject index for quick navigation, cross-referencing, and ease of use
• [Authentic Bare Act Edition] Maintains the purity of a Bare Act format without commentary, interpretation, or editorial dilution, ensuring suitability for citation and professional reference

The structure of the book is as follows:

• Main Act – Chapter-wise presentation of the Life Insurance Corporation Act 1956
• Schedules – Integrated immediately after the principal Act for continuity
• Allied Legislation – Full text of related Acts, Rules, and Regulations presented sequentially
• Amendments Section – Snapshot view of recent legislative changes
• Subject Index – Detailed index enabling quick navigation and cross-referencing