A) Life Insurance Corporation of India was set-up after the General Insurance Corporation
B) General Insurance Corporation was set up in the Fifth Five Year Plan
C) Life Insurance Corporation of India was set-up in tile Second Five Year Plan
D) None of the above
Correct Answer: C
Solution :
Life insurance in the modem form was first set up in India through a British company called the Oriental Life insurance company which was established at Calcutta in 1818. On January 19, 1956 Central Government took over the charge of all the 154 Indian, 16 non-Indian and 75 Provident committees, which were working in our country at that time. In September 1956 (on 1st of September), these companies were nationalized. On this date (September 1, 1956) Life Insurance Corporation of India was established under an Act of parliament with an initial capital of 5 crore given by Government of India.
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