It shall be the general function of the corporation to carry on life insurance business in or outside India. The corporation shall exercise its powers in such a manner as to secure that life insurance business is developed to the best advantage of the society. It shall conduct itself as far as possible on business principles.
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The corporation shall have power:
a) To carry on capital redemption business, annuity and reinsurance business;
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b) To take all such steps as are necessary or expedient for the protection and realization of its investments, including the taking over and administering any property offered as security for the investment until a suitable opportunity arises for its disposal;
c) To acquire, hold and dispose of any property for the purpose of its business;
d) To transfer the whole or any part of the life insurance business carried on outside India to any other person or persons carried on outside India to any other person or persons if it is expedient to do so;
e) To advance or lend money upon the security of any movable or immovable property or otherwise;
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f) To borrow or raise money in such manner and upon such security as the corporation may think fit;
g) To carry on either by itself or through any subsidiary any other business in any case where such business was being carried on by a subsidiary of an insurer whose controlled business has been transferred to and vested in the corporation under the act;
h) To carry on any other business which may seem to the corporation to be capable of being conveniently carried on in connection with its business and calculated directly or indirectly to render profitable the business of the corporation;
i) To do all such things as may be incidental or conducive to the proper exercise of any of the powers of the corporation.
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The corporation has started general insurance business since april1, 1964.