Explanation:

- Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai. This corrects grammar by providing suitable articles and prepositions.

- The Parliament of India passed the Life Insurance of India Act on 19 June 1956, and it started operating in September of that year. This adds clarity to the statement.

- It consolidated the business of 245 private life insurers and other entities offering life insurance services. This pronoun helps with sentence clarity.

- The nationalisation of the life insurance business in India was a result of the Industrial Policy Resolution of 1956, which… The statement sets context for the options offered.

- Option 1: "have" is incorrect as it is a present tense plural form, which doesn't fit with past events.

- Option 2: "had" is past tense, suitable for past events and describing the effect of the resolution. ( Correct Answer)

- Option 3: "has" is present perfect and doesn't fit well with the historical context.

- Option 4: "did" is simple past tense but does not accurately describe creating a framework.