When was LIC established in India?


2. 1960


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Correct Answer is 4. 1956

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LIC (Life Insurance Corporation) 

📝Important Points

  • LIC established was on 1st September, 1956, which set the pace for nationalisation of life insurance under the Stewardship of CD Deshmukh. It has head office at Mumbai and eight zonal offices the most recent, being at Patna.
  • LIC is also operating internationally through branch offices in Fiji, Mauritius and UK and through joint venture companies in Bahrain, Nepal, Sri Lanka, Kenya and Saudi Arabia. In 2008, its wholly and subsidiary was opened in Singapore.

💡Releted information 

General Insurance Corporation (GIC) : 

GIC was established January, 1973, with subsidiaries, viz, on 1st its four

1. National Insurance Company Limited, Kolkata;

2. The New India Insurance Company Limited, Mumbai;

3. The Oriental Fire and General Insurance Company New Delhi; and Limited

4. United India General Insurance Company Limited, Chennai.

• On 3rd November, 2000 GIC was renamed as GIC Re and approved as Indian Reinsurer and the four subsidiaries of GIC were separated from GIC and are functioning independently under Public Sector General Insurance Companies (GIPSA).

• GIC Reinsurer (Re) has branch offices in Dubai and London and representative office in Moscow.



Related Question : 

Which is the first insurance company in India?
Oriental Life Inssurance Company , The first Life Insurance Company on Indian soil started functioning.
When did life insurance start in India?
in which year lic established

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