law: Life Insurance Corporation Act, 1956 
  37. Policies to be
  
  guaranteed by Central Government.- 
  The sums assured by
  
  all policies issued by the Corporation including any bonuses declared in
  
  respect thereof and, subject to the provisions contained in section 14 the
  
  amounts assured by all policies issued by any insurer the liabilities under
  
  which have vested in the Corporation under this Act, and all bonuses declared
  
  in respect thereof, whether before or after the appointed, day shall be
  
  guaranteed as to payment in cash by the Central Government.