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The LIC of India was set up in __________ to take over 245 life companies.

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Question: The LIC of India was set up in __________ to take over 245 life companies.

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  1.  1955
  2.  1956
  3.  1957
  4.  1958

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2. 1956

The LIC of India was set up in 1956 to take over 245 life companies.

More from web:

The government of India passed the Life Insurance of India Act on 18th June, 1956. This act nationalized all the private insurance industry in India.

LIC of India was established on 1st September 1956. It was set up with the merger of over 245 insurance companies.

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