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Question : Which among the following was set up in 1956 by the Indian Government by nationalising all the existing private sector life insurance companies?

Option 1: United India Insurance Company Limited

Option 2: General Insurance Corporation of India

Option 3: New India Assurance Company Limited

Option 4: Life Insurance Corporation of India


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Team Careers360 24th Jan, 2024
Answer (1)
Team Careers360 25th Jan, 2024

Correct Answer: Life Insurance Corporation of India


Solution : The correct option is Life Insurance Corporation of India.

The Government of India nationalised the private life insurance companies already in operation, creating the Life Insurance Corporation of India (LIC) in 1956. The action, which was a component of the banking sector's nationalisation agenda, resulted in the establishment of a state-owned monopoly in India's life insurance market.

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