Grade 11 Exam > Grade 11 Questions > Life insurance corporation was set up in ____...
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Life insurance corporation was set up in ________
- a)1985
- b)1975
- c)1956
- d)1965
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
Life insurance corporation was set up in ________a)1985b)1975c)1956d)1...
Life Insurance Corporation (LIC) - Establishment Year
LIC is one of the largest insurance companies in India, providing various life insurance products to individuals. It plays a crucial role in the Indian insurance sector. The establishment year of LIC is as follows:
Answer: C. 1956
Explanation:
- LIC was set up in the year 1956 under the Life Insurance Corporation Act passed by the Parliament of India.
- The act nationalized the private insurance industry in India and established a state-owned insurance company named Life Insurance Corporation of India (LIC).
- LIC was created by merging around 245 insurance companies and provident societies into a single entity.
- The primary objective of LIC is to provide life insurance coverage to individuals, promote savings, and mobilize funds for the nation's development.
- LIC operates through a wide network of branches and agents, providing life insurance policies and services to millions of customers across the country.
Key Points:
- LIC was established in 1956 under the Life Insurance Corporation Act.
- The act nationalized the private insurance industry in India.
- LIC is a state-owned insurance company.
- It was created by merging multiple insurance companies and provident societies.
- LIC's objective is to provide life insurance coverage and promote savings.
- It operates through a wide network of branches and agents.
View all questions of this test
LIC is one of the largest insurance companies in India, providing various life insurance products to individuals. It plays a crucial role in the Indian insurance sector. The establishment year of LIC is as follows:
Answer: C. 1956
Explanation:
- LIC was set up in the year 1956 under the Life Insurance Corporation Act passed by the Parliament of India.
- The act nationalized the private insurance industry in India and established a state-owned insurance company named Life Insurance Corporation of India (LIC).
- LIC was created by merging around 245 insurance companies and provident societies into a single entity.
- The primary objective of LIC is to provide life insurance coverage to individuals, promote savings, and mobilize funds for the nation's development.
- LIC operates through a wide network of branches and agents, providing life insurance policies and services to millions of customers across the country.
Key Points:
- LIC was established in 1956 under the Life Insurance Corporation Act.
- The act nationalized the private insurance industry in India.
- LIC is a state-owned insurance company.
- It was created by merging multiple insurance companies and provident societies.
- LIC's objective is to provide life insurance coverage and promote savings.
- It operates through a wide network of branches and agents.
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Life insurance corporation was set up in ________a)1985b)1975c)1956d)1965Correct answer is option 'C'. Can you explain this answer? for Grade 11 2025 is part of Grade 11 preparation. The Question and answers have been prepared according to the Grade 11 exam syllabus. Information about Life insurance corporation was set up in ________a)1985b)1975c)1956d)1965Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Grade 11 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Life insurance corporation was set up in ________a)1985b)1975c)1956d)1965Correct answer is option 'C'. Can you explain this answer?.
Life insurance corporation was set up in ________a)1985b)1975c)1956d)1965Correct answer is option 'C'. Can you explain this answer? for Grade 11 2025 is part of Grade 11 preparation. The Question and answers have been prepared according to the Grade 11 exam syllabus. Information about Life insurance corporation was set up in ________a)1985b)1975c)1956d)1965Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Grade 11 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Life insurance corporation was set up in ________a)1985b)1975c)1956d)1965Correct answer is option 'C'. Can you explain this answer?.
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