The story of insurance is probably as old as the story of mankind. However, the concept of the 'life insurance', as now understood, is largely a development of the last 400 years. The institution of joint families in India had for ages afforded complete protection to all its members and under its all pervading shades, its members never suffered from any want. With the gradual breaking up of the joint family system, the modern concept of life insurance has been gaining ground progressively. Life insurance business in India was in vogue prior to 1870. But its benefits were available mainly to European settlers or limited sectarian groups. Life insurance policies were issued mostly by European companies. In several cases the benefit of life insurance was not available to every one due to restrictions of caste and creed. 1870 marked a turning point i the history of Life Insurance in India. It was in that year that the first truly Indian Life Insurance Company was started, which accepted insuring Indian lives freely for the first time without any restriction or distinction.
On January 19, 1956, the Government nationalised life insurance business and the Life Insurance Corporation came into being on September 1, 1956, taking over the liabilities of some 245 private insurers and Provident Fund Societies operating in the country.
The death of a Postmaster in harness around that year, leaving his family in indigent circumstances aroused public opinion and prompted a demand for the introduction of Government sponsored scheme of the insurance. The outcome of this demand was the introduction of a scheme of life insurance in 1883 by the Postal Department for its employees which was by stages extended to cover all Government and quasi-Government employees.
The Life Insurance Corporation celebrated the Centenary of Indian life assurance industry in India and the Posts and Telegraphs Department brought out a commemorative stamp on this occasion.
The stamp depicts two hands protecting the flame of life.
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