BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1 April, 1955
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4 September, 1956
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1 September, 1956
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6 December, 1960
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Detailed explanation-1: -On the date, the Indian business of 16 non-Indian insurers operating in India and 75 Provident Societies were taken over by 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.
Detailed explanation-2: -Surendranath Tagore had founded Hindustan Insurance Society in samethe time period, which later became the Life Insurance Corporation.
Detailed explanation-3: -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-4: -LIC of India was incorporated on 1st September, 1956 by amalgamating 243 Companies by the Act of Parliament called Insurance Act, 1956.