The Life Insurance Corporation of India Act was passed by the Parliament in the year ______.
Show answer & explanation
Correct answer: A
Explanation
The correct answer is Option 1 i.e. 1956.
- LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
- Life Insurance Corporation of India, Act was passed by the Parliament on June 18, 1956 and came into effect from July 1, 1956.
- An Act to provide for the nationalisation of life insurance business in India by transferring all such business to a Corporation established for the purpose and to provide for the regulation and control of the business of the Corporation and for matters connected therewith or incidental thereto.