Multiple choice

The LIC was established in

  1. 1935

  2. 1955

  3. 1956

  4. 1964

  5. 1960

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

Life Insurance Corporation of India (LIC) was established in 1956 when the Parliament of India passed the Life Insurance Corporation Act, nationalizing the insurance industry. It was formed by merging over 200 insurance companies and provident societies. This marked a significant step in India's economic development and financial sector growth.