Question

When was the Life Insurance Corporation of India established ?

• A. 3rd February, 1958
• B. 19th February, 1956
• C. 20th March, 1960
• D. 16th September, 1954

Hint:

For questions involving historical dates, the year is the most crucial piece of information to remember. LIC was established in 1956 by nationalizing the insurance sector in India.

Answer 1

The Correct Option is B

Step 1: Understanding the Concept:
The question asks for the establishment date of the Life Insurance Corporation of India (LIC).
Step 2: Detailed Explanation:
The Life Insurance Corporation of India was formed by an act of Parliament. The Life Insurance of India Act was passed on June 19, 1956. The company was officially established on September 1, 1956.
The options provided are not precise. However, the year 1956 is correct. Option (B) contains the correct year and is the intended answer in the context of this multiple-choice question. The date, February 19, 1956, may refer to the date the bill was introduced in Parliament.
Step 3: Final Answer:
Among the given choices, the option with the correct year of establishment (1956) is (B).