Life Insurance Corporation of India (LIC) is ….. Indian state-owned insurance group and Investment Company headquartered….. Mumbai. The Parliament of India passed the Life Insurance of India Act on 19 June 1956, ……. started operating in September of that year. ….. consolidated the business of 245 private life insurers and other entities offering life insurance services. The nationalisation of the life insurance business in India was a result of the Industrial Policy Resolution of 1956, which ……… created a policy framework for extending state control.
.….. consolidated the business of 245 private life insurers and other entities
Explanation:
- Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai.
- The Parliament of India passed the Life Insurance of India Act on 19 June 1956, and it started operating in September of that year.
- It consolidated the business of 245 private life insurers and other entities offering life insurance services.
- The nationalization of the life insurance business in India was a result of the Industrial Policy Resolution of 1956, which created a policy framework for extending state control.
- Option explanations:
- Option 1: it - Refers to LIC as a thing, suitable for organizations or inanimate objects.
- Option 2: which - Used to add non-restrictive relative clauses, not ideal at the start.
- Option 3: who - Refers to people, not suitable for organizations.
- Option 4: that - Used for restrictive relative clauses, not a fit here.
- Correct Answer: Option 1: it.
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By: SONAM SHEORAN