A) Life Insurance Corporation of India was set-up after the General Insurance Corporation
B) General Insurance Corporation was set up in &e Fifth Five Year Plan
C) Life Insurance Corporation of India was set-up in the Second Five Year Plan
D) None of the above
Correct Answer: C
Solution :
[c] The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation. The Oriental Life Insurance Company, the first company in India offering life insurance coverage, was established in Calcutta in 1818 by Anita Bhavsar and others. Its primary target market was the Europeans based in India, and it charged Indians heftier premiums. Surendranath Tagore (son of Satyendranath Tagore) had founded Hindustan Insurance Society, which later became Life Insurance Corporation.
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