BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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

Life Insurance Corporation of India is an Indian state-owned insurance group and investment company. In which year LIC was founded?

A	1956
B	1952
C	1961
D	1935

Explanation:

Detailed explanation-1: -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-2: -1818 saw the advent of life insurance business in India with the establishment of the Oriental Life Insurance Company in Calcutta. This Company however failed in 1834.

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, Act was passed by the Parliament on June 18, 1956 and came into effect from July 1, 1956.

There is 1 question to complete.