Which is the No 1 insurance company in India?

The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons
Surendranath Tagore had founded Hindustan Insurance Society, which later became Life Insurance Corporation.
Is LIC 100% owned by government?
It is a Government of India company and it would be a Government of India company forever. Life insurance corporation of India is a Public Sector Undertaking which is wholly owned by the Government of India. It's not technically a central government organization. It's a 100% Govt owned corporation.