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India · Economy & Business · Hard
Which state-owned insurance corporation, formed in 1956 through the nationalisation and merger of 245 private life insurers, remains India's largest life insurance company?
Answer: Life Insurance Corporation of India — The Life Insurance Corporation of India (LIC) was established in 1956 under the LIC Act, consolidating 245 private insurers into a single state-owned entity.
- A General Insurance Corporation
- B Life Insurance Corporation of India ✓
- C New India Assurance
- D United India Insurance
The Life Insurance Corporation of India (LIC) was established in 1956 under the LIC Act, consolidating 245 private insurers into a single state-owned entity.