Question

In which year the insurance companies nationalized in India ?

• A. 1957
• B. 1958
• C. 1956
• D. 1959

Answer 1

Answer:

C. 1956

The oldest existing insurance company in India is the National Insurance Company, which was founded in 1906, and is still in business. The Government of India issued an Ordinance on 19 January 1956 nationalising the Life Insurance sector and Life Insurance Corporation came into existence in the same year.