In ______, the Life Insurance sector was nationalised and the Life Insurance Corporation came into existence in the same year.
Show answer & explanation
Correct answer: C
Explanation
The nationalization of the life insurance sector in India was a significant economic reform.
This step was taken to regulate private insurance companies.
In the course of this process, the Life Insurance Corporation of India (LIC) was established.
Today, LIC is India's largest insurance institution.
Nationalization bolstered public trust and ensured security.
This decision was aimed at strengthening social security.
It took place in the year 1956.
Correct Answer: Option 3