Question

lic of india act was passed in june 1956 but it came into force on ___

Answer 1

lic in India came into force on July .1. 1956 ......

Answer 2

ANSWER:

July 1, 1956

EXPLANATION:

   Life Insurance Corporation of India or LIC, Act was approved by the Indian Parliament on June 18, in the year 1956, however it came into effect only from July 1, 1956.

  LIC is essentially an investment organisation, since the funds of the policy holders are usually invested and disseminated over different securities classes, regions and industries to protect policy holders’ maximum interest on continuing basis.  Presently, LIC is the leading institutional investor.