The Parliament of India passed the Life Insurance Corporation Act on 19 June 1956, and the Life Insurance Corporation of India (LIC ) was created the same year on 1 September 1956. It grew into what is now the biggest public sector insurance company in the country and leads in the insurance sector. Its market share in terms of number of policies stood at 76.09 per cent in the financial year 2017. Its 2015–16 gross premium income was Rs 2,66,44,420.56 lakh and the number of policyholders was 2,02,36,928. With a huge scale of operations, LIC has 20,16,565 individual agents, 2,47,541 direct employees and total assets of around Rs 25,29,390 crore. Today, LIC functions with 2,048 fully computerized branch offices, 113 divisional offices, eight zonal offices, 1381 satellite offices and a corporate office. LIC ’s Wide Area Network covers 113 divisional offices and connects all the branches through a Metro Area Network.