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In which year The Life Insurance sector and Life Insurance Corporation of India was nationalized? 

In which year The Life Insurance sector and Life Insurance Corporation of India was nationalized?  Correct Answer 1956

  • Life Insurance Corporation (LIC) of India was established in 1956.
  • The Life Insurance Corporation of India was founded when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry in India.
  • Life Insurance Corporation of India is an Indian state-owned insurance group and investment corporation owned by the Government of India.
  • The Oriental Life Insurance Company, the first company in India offering life insurance coverage, was established in Kolkata in 1818.
  • Surendranath Tagore had founded the Hindusthan Insurance Society, which later became Life Insurance Corporation.
  • The LIC's executive board consists of Chairman, currently M R Kumar, and Managing Directors, Vipin Anand, T. C. Suseel Kumar, Mukesh Kumar Gupta, and Raj Kumar.

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Arguments :
I. Yes. This would give more opportunities of development to the weaker sections of the society and thus help reduce the gap between the affluent and the downtrodden in India.
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Life Insurance Corporation of India was nationalized in-
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