Discussion
What is the full form of "LIC"?
Answer: A
Correct answer: Life Insurance Corporation of India
The Life Insurance Corporation of India was created in 1956 by the Life Insurance Corporation Act, which nationalised life insurance and merged some two hundred and forty-five private insurers into a single state corporation.
It held a statutory monopoly until the sector was reopened in 2000, and it remains by far the largest life insurer and one of the largest institutional investors in the Indian market. General insurance was nationalised separately and later, in 1972, under the General Insurance Corporation.
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