Uncertainty is the part of human life and this uncertainty leads to fear of risk in our life, in spite of all precautions we can procure, accidents are inevitable so, insurance is one of the medium with the help of which we can tackle this uncertainty. Life insurance is a tool which safeguards an individual’s life with certain benefits through which he can overcome with such accidents. There are many insurance companies prevailing in India and offering ample amount of benefits to its insurers but Life Insurance Corporation plays a major role in this field. The researcher has chosen this topic to study the historical aspect of LIC a life insurance, the paper is based on secondary data, the findings reveals that the insurance companies must find more market outside India, insurance awareness must be made by insurance industry in different ways, companies must offer more plans with fixed and assured returns.