Life Insurance Corporation of India is an Indian state-owned insurance group and investment company headquartered in Mumbai. LIC was established in

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	1956
B	1962
C	1955
D	1949

Explanation:

Detailed explanation-1: -The Life Insurance Corporation of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act, nationalizing the insurance industry in India.

Detailed explanation-2: -[18th June, 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.

Detailed explanation-3: -On 20th January 1956 all Life Insurance Companies operating in India were taken over by Life Insurance Corporation(LIC) nominated custodians. LIC was set up under the LIC Act 1956 and the same was nationalised along with it.

Detailed explanation-4: -Life Insurance Corporation of India LIC of India was incorporated on 1st September, 1956 by amalgamating 243 Companies by the Act of Parliament called Insurance Act, 1956. LIC is governed by the Insurance Act 1938, LIC Act 1956, LIC Regulations 1959 and Insurance Regulatory and Development Authority Act 1999.

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