Similar to asking one to swear by something, this word is used in response to a statement that one suspects may not be true, or is very hard to believe.
A statement made to signify that what you speak is 100% the truth, the whole truth and nothing but the truth. Usually used when someone doesn't believe what you say, as it is bullshit, but this is used to try and make that person believe its true as its probably not.
What it actually means may derive from the old saying of "I swear on my mum's life!" which means absolutely nothing but some people think if that statement is said that they can't be lying.