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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 Jul 8, 2025

-> The Staff Selection Commission 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.

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

-> 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.

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