Multiple choice

LIC of India was founded in

  1. 1949

  2. 1950

  3. 1956

  4. 1965

Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The company was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation.