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Question

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The Life Insurance Corporation of India Act was passed by the Parliament in the year ______.

This question was previously asked in
SSC GD 16 Nov 2021 Shift 2 (Official Paper)
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  1. 1956
  2. 1948
  3. 1971
  4. 1965

Answer (Detailed Solution Below)

Option 1 : 1956
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Detailed Solution

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The correct answer is 1956.

Key Points

  • The Life Insurance Corporation of India Act was passed by the Parliament in the year 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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Latest SSC GD Constable Updates

Last updated on Jun 26, 2025

-> The Staff Selection Commission has released the SSC GD 2025 Answer Key on 26th June 2025 on the official website.

-> The SSC GD Notification 2026 will be released in October 2025 and the exam will be scheduled in the month of January and February 2026.

-> The SSC GD Merit List is expected to be released soon by the end of April 2025.

-> Previously SSC GD Vacancy was increased for Constable(GD) in CAPFs, SSF, Rifleman (GD) in Assam Rifles and Sepoy in NCB Examination, 2025. 

-> Now the total number of vacancy is 53,690. Previously, SSC GD 2025 Notification was released for 39481 Vacancies. 

-> The SSC GD Constable written exam was held on 4th, 5th, 6th, 7th, 10th, 11th, 12th, 13th, 17th, 18th, 19th, 20th, 21st and 25th February 2025. 

-> The selection process includes CBT, PET/PST, Medical Examination, and Document Verification.

-> The candidates who will be appearing for the 2026 cycle in the exam must attempt the SSC GD Constable Previous Year Papers. Also, attempt SSC GD Constable Mock Tests.

More Insurance Questions

Q1.Given below are two statements, one is labelled as Assertion A and the other is labelled as Reason R Assertion A: One of the most difficult product to sell is ‘life insurance’ such that one who sells life insurance can sell anything under the Sun. Reason R: What is sought to be marketed in life insurance is an assurance whereby payment of money is assured upon death or the happening of any contingency depended upon human life. In light of the above statements, choose the correct answer from the options given below  
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Q4.A contract of life insurance is a/an A. Indemnity B. Wagering agreement C. Contingent agreement D. Assurance E. Guarantee Choose the correct answer from the options given below: 
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