The Life Insurance Corporation of India was established in ______.
Show answer & explanation
Correct answer: C
Explanation
Correct Answer:
1956
Explanation:
The Life Insurance Corporation of India (LIC) was established on September 1, 1956, following the enactment of the Life Insurance Corporation Act by the Parliament of India. The Indian government nationalized the private life insurance sector by amalgamating over 245 insurance companies and provident societies to create a single state-owned corporation with the goal of spreading life insurance awareness and extending coverage to rural and remote areas.
Key Points:
LIC was created by merging and nationalizing 154 Indian insurance companies, 16 non-Indian companies, and 75 provident societies.
Headquartered in Mumbai, Maharashtra, LIC is the largest insurance company in India.
The corporate logo of LIC features a pair of protective hands enclosing a flame, symbolizing security and trust.
Important Questions and Answers:
Question: On which exact date was the Life Insurance Corporation of India established?
Answer: September 1, 1956.
Question: Where is the headquarters of the Life Insurance Corporation of India located?
Answer: Mumbai, Maharashtra.