Question

In what year was the life insurance industry in India nationalized, leading to the formation of LIC?

a.

1938

b.

1947

c.

1956

d.

2000

Answer: (c).1956 Explanation:The nationalization of the life insurance industry occurred in 1956, a landmark event that led to the establishment of the Life Insurance Corporation of India (LIC) by an Act of Parliament. This move significantly reshaped the Indian insurance landscape, centralizing the life insurance business under a state-owned enterprise.

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Q. In what year was the life insurance industry in India nationalized, leading to the formation of LIC?

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