Life insurance industry being highly knowledge-intensive, the proper adoption of KM strategies can give a competitive edge to a life insurer in huge market potential in country like India. This paper aims to understand the KM practices followed in various private life insurance companies compared to the government owned and oldest life insurer in the country - Life Insurance Corporation (LIC). The paper uses a sample comprising of private life insurance companies and the sole public sector life insurer in India. MIT90s framework and Hansen, Nohria, and Tierney's knowledge strategy model of codification versus personalization are used to evaluate KM practices. The paper empirically shows that private life insurance companies' perform well on all dimensions of KM compared to LIC; however, no insurance company follows codification and personalization knowledge strategy as envisaged by Hansen, Nohria, and Tierney's model. There is huge scope of KM implementation in insurance industry in India.