Discussion
In the year ___________, Life Insurance Corporation (LIC) absorbed a total of ___________ Indian and foreign insurers.
Answer: A
The LIC was formed in 1956 and absorbed 245 Indian and foreign insurers. The Life Insurance Corporation Act was passed in 1956 and the life insurance business was nationalised on 1 September 1956, taking over 154 Indian insurers, 16 non-Indian insurers and 75 provident societies, which together make 245.
1951 and 1991 are not the year of nationalisation (1991 was the start of economic liberalisation), and 145 is not the total, so options B, C and D are wrong.
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